Tax Tip 2024-60: Disaster tax relief: What taxpayers need to know

IRS Tax Tips

June 24, 2024

Issue Number: Tax Tip 2024-60

Disaster tax relief: What taxpayers need to know

Tax relief is available for people living in areas declared disasters by the Federal Emergency Management Agency. To find out if an area qualifies for disaster tax relief, check IRS news from around the nation.

Affected taxpayers have more time to file and pay
If people live at an address in an area that qualifies for IRS disaster tax relief, they automatically get extra time from the IRS to file returns and pay taxes.

Casualty loss tax deduction
If people have damaged or lost property due to a federally declared disaster, they may qualify to claim a casualty loss deduction and get a larger refund. They can claim this on their current or prior-year tax return.

Rebuild lost records with a tax return transcript
If people have lost their tax records, they can request a tax return transcript and a copy of their tax return from the IRS.

People can get tax return transcripts online or request mail delivery with Get Transcript. Taxpayers can also file Form 4506-T, Request for Transcript of Tax Return.

To get a copy of a tax return, people can file Form 4506, Request for Copy of Tax Return. The IRS waives the fees and expedites these requests for people who need to apply for disaster-related benefits or file amended returns to claim disaster-related losses.

To speed up the process, people who file Forms 4506-T or 4506 should:

? ? ? ? ? ? Write on the form that the request is disaster related.
? ? ? ? ? ? Write the type of disaster and the state where it occurred.

People who relocate need to submit a change of address
After a disaster, people might need to relocate. Taxpayers should use their current address when filing their tax return. If the they move after filing, they should update their address with the IRS by calling the IRS Disaster Hotline at 866-562-5227, or by filing Form 8822, Change of Address. The IRS also recommends that taxpayers notify the post office serving the old address.

Small Business Administration loans and grants
The Small Business Administration offers disaster assistance to business owners, homeowners and renters in a federally declared disaster area. To qualify for an SBA loan or grant, people must have filed all required tax returns.

More information

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Issue Number: Tax Tip 2024-60