Rebuilding After A Disaster

         In the event of a disaster, there are many issues that must be taken care of. First and foremost is to make sure that your family and loved ones are cared for. After that, Taxpayers will be able to reconstruct their records to prove disaster related losses. Often these have already been destroyed, but there are ways to get copies.

          Financial statements can be requested from a bank or credit card company. They are usually available online, or hard copies can be provided in person. Property records can be provided by the title company, escrow company, or the bank that handled the purchase. If any home improvements were made, copies of the invoices and statements should be requested from the contractors. For inherited properties, Taxpayers can investigate court records for probate values. The county assessor’s office can also be a source to estimate property value. For car owners, the current fair-market value of the vehicle will be acceptable. There are a few sources available for this. In a situation where a person is essentially rebuilding their life, they cannot do everything on their own. We all need to work together and help each other. When dealing with the tax related areas of the rebuild, a Qualified Tax Professional might be a good person to add to your support team.

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