Block on Trump's Asylum Ban Upheld by Supreme Court
For many living on the East Coast and in other recent disaster zones, the past year has been horrendous. But at least there's a tiny light at the end of the tunnel when it comes to your taxes: You may be eligible for the disaster tax deduction.
That's right, there's a tax break disaster victims may be able to claim, as Bankrate.com reminds us. It's a little-known tax break, but for those who have weathered the storms, it's a little piece of good news.
The first question people ask is what kind of disaster qualifies for the tax break. In general, once the president declares a disaster, the Internal Revenue Service sits up and takes notice.
Here are a few more things to know about the disaster tax deduction:
It's not a total no-brainer to take the disaster tax deduction. For some, it will provide great amnesty and will give them a huge refund. To others, it's just not worth all the effort, when the refund will be minimal.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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