Tax Tip #232

Individuals can deduct federally declared disaster losses in excess of a $500 threshold on their personal tax returns. This applies to losses incurred between 2021 and 2024. If a qualifying loss was not claimed, an amended tax return can be filed. If the loss pertains to 2021, the amended tax return may need to be filed by 4/15/2025 to claim a refund.

Visit the FEMA website for a list of IRS-declared federal disaster areas.