Disaster losses

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Question: What tax breaks are available if I suffer a loss due to a natural disaster?

Answer: If the federal government declares your area to be a major disaster area, the tax law allows individuals and businesses to get a faster refund by claiming disaster losses on their prior years’ return. This is done by filing an amended return for the prior year. Also, in some disaster situations, the IRS might allow additional time to file current year returns and pay any tax due.



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