If you have been a victim of a hurricane, flood, tornado, fire, or any other federally declared disaster, you need to find out about the IRS Disaster Relief program.
If your loss is part of a presidentially declared disaster, you can deduct the loss on your prior-year return. If you’ve already filed your prior-year return, you can file an amended return to claim the deduction.
Claiming a qualifying disaster loss on your prior-year return:
Could result in a lower tax for that year
Often produces or increases a cash refund
Might let you get your money months earlier than if you wait to claim your loss on your current-year return
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