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Tips For Taxpayers Who Need To Reconstruct Records After Disaster Strikes
After a disaster, taxpayers might need to reconstruct records. This could help them prove their losses, which may be essential for tax purposes, getting federal assistance or insurance reimbursement.
Here are several things taxpayers can do to help reconstruct or get copies of specific types of records after a disaster:
Tax Return Transcripts
- Taxpayers can get free tax return transcripts by using the Get Transcript tool on IRS.gov. They can also call 800-908-9946 to order them by phone.
Proof of loss
- To establish the extent of the damage, taxpayers should take photographs or videos of affected property as soon as possible after the disaster.
- Taxpayers can look on their mobile phones for pictures that show the property before the disaster-damaged it.
- If a taxpayer doesn’t have photographs or videos of their property, a simple method to help them remember what items they lost is to sketch pictures of each room that was affected.
- Taxpayers can support the valuation of property with photographs, videos, canceled checks, receipts, or other evidence.
- If they bought items using a credit card or debit card, they should gather past statements from their credit card company or bank. If the taxpayer didn’t keep these records or they were destroyed, statements may be available online or they can contact their financial institution.
Records About Property
- Taxpayers can contact the title company, escrow company, or bank that handled the purchase of their home to get copies of appropriate documents.
- Taxpayers who made improvements to their home should contact the contractors who did the work to see if records are available. If possible, the homeowner should get statements from the contractors to verify the work and cost. They can also get written accounts from friends and relatives who saw the house before and after any improvements.
- For inherited property, taxpayers can check court records for probate values. If a trust or estate existed, the taxpayer can contact the attorney who handled the trust.
- When no other records are available, taxpayers can check the county assessor’s office for old records that might address the value of the property.
- There are several resources that can help someone determine the current fair market value of most cars on the road. These resources are all available online and at most libraries. They include Kelley’s Blue Book, the National Automobile Dealers Association, and Edmunds.
Conclusion
In conclusion, recovering important records after a disaster is crucial for taxpayers to prove their losses and secure necessary tax benefits, federal assistance, or insurance reimbursements. By utilizing resources such as IRS transcripts, photographs, financial statements, and property records, individuals can effectively reconstruct the information they need. Working with a tax planning attorney can provide valuable guidance during this process, helping taxpayers navigate complex tax laws and ensure they receive the full support they are entitled to. While it may take some effort, these steps can help ensure that taxpayers are properly supported during the recovery process. Being proactive and organized, with the assistance of a tax planning attorney, can make a significant difference in managing the financial impact of a disaster.
The post Tips For Taxpayers Who Need To Reconstruct Records After Disaster Strikes appeared first on Law Office of Mary E. King P.L..
Disclaimer: The information on this website and blog is for general informational purposes only and is not professional advice. We make no guarantees of accuracy or completeness. We disclaim all liability for errors, omissions, or reliance on this content. Always consult a qualified professional for specific guidance.
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The Law Office of Mary King P.L. provides comprehensive solutions for IRS problems ranging from tax debt settlement to devising effective tax strategies for individuals and enterprises.
Attorney Mary King offers tax services to clients located in Florida and across the United States.
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