If you were a victim of Hurricane Sandy this year or some other natural disaster severe enough to be classified as a “presidentially declared disaster,” you have a special option in the tax code that may help in your recovery. You can claim your loss on your 2012 tax return, or you can amend your 2011 tax return and claim your loss against that year’s taxes. Filing an amended return for 2011 could give you an earlier refund to help pay for the losses resulting from the disaster.
There are also other provisions available, so please call the office for more information.
Written by: Doug Rodrigues