RECONSTRUCTING RECORDS AFTER DISASTER
September 9, 2019 - Douglas Myser
Reconstructing records after disaster. This may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available. For taxpayers who have lost some or all of their records during a disaster, there are some simple steps to take that can help. The following information includes steps to take after a disaster so taxpayers can reconstruct their records and prove loss of personal use and business property for IRS and State tax returns.
Reconstructing records after disaster. Tax Records. Get free tax transcripts immediately by visiting the "Get Transcript Tool" on irs.gov To order transcripts by phone call 800-908-9946 and follow the prompts. To get transcripts of previous years returns by mail, file a form 4506-T, request for Transcript of a Tax Return. To request copies of past returns by mail, file IRS Form 4506, "Request for Copy of Tax Return." Write the appropriate disaster designation, such as "Hurricane Harvey", in red letters across the top of Forms 4506-T and 4506 to expedite processing and to waive the normal user fee.
Personal residence and real property. Real property, also called real estate, is land as well as generally anything built on, growing on, or attached to land. Take photographs or videos as soon after the disaster as possible. This helps establish the extent of damage. Contact the Title Company, escrow company or bank that handled the purchase of the home to get copies of appropriate documents. Real estate brokers may also be able to help. Use the current property tax statement for land versus building ratios if available. If they are not available, owners can usually get copies from the county assessor's office. Establish a basis or fair market value of the home by reviewing comparable sales within the same neighborhood. This information can be found by contacting an appraisal company or visiting a website that provides home valuations.
If you have a Tax Debt, due to a natural disaster, you may qualify for Tax Relief. A Well Seasoned Highly Trained Tax Professional who knows the State and IRS Tax Codes can take you thru the process of determining all of your options, including whether you qualify for the IRS Fresh Start Program. Call for a Free Tax Consultation from this 36 year old Tax Resolution Services firm to secure your financial future away from tax debt. 1-888-689-7861. We make Tax Resolution a stress free process for you.