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November 14, 2009

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Local flood victims can claim breaks on taxes

Thursday, Aug. 5, 1999 | 12:12 p.m.

Victims of the Las Vegas July flood may check with the IRS for tax relief.

The tax law allows people to claim a flood loss immediately by amending their 1998 income tax returns or claim the loss on their 1999 returns in April 2000, IRS District Director Jim Walsh said.

Generally, losses are calculated on a decrease in fair market value of property or the cost plus any improvements made before the disaster, whichever is less. Losses are also reduced by the amount of any insurance reimbursements.

Certain income restrictions and other rules apply as well, Walsh said.

People can call the IRS toll-free at (800)-829-1040 or visiting the IRS website (www.irs.ustreas.gov) or forms can be mailed by calling (800) TAX FORM. Amended tax returns should be mailed to: Internal Revenue Service, Ogden, Utah 84201.

Those with ongoing tax issues may bring paperwork into the Las Vegas IRS office at 4750 W. Oakey Blvd. for special handling. This office will also help flood victims prepare amended 1998 tax returns to claim the immediate special disaster tax deduction.

In addition to the IRS assistance, help from the Federal Emergency Management Agency and the Small Business Administration is available. To register for FEMA or SBA disaster assistance, call (800)-462-9029.

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