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| Issue Number: Tax Tip 2021-125
Here's how taxpayers can rebuild records after a natural disaster After a natural disaster, taxpayers need records to help them prove and recover disaster-related losses. This may be for tax purposes, getting support from federal assistance program or for insurance claims. While personal or business property may have been destroyed, all hope is not lost. Here are some steps that can help people reconstruct important records. Tax records - Get free tax return transcripts immediately using Get Transcript on IRS.gov.
- Order transcripts by calling 800-908-9946 and following the prompts.
Financial statements People can gather past statements from their credit card company or bank. These records may be available online. People can also contact their bank to get paper copies of these statements. Property records - To get documents related to property, homeowners can contact the title company, escrow company or bank that handled the purchase of their home or other property.
- Taxpayers who made home improvements can get in touch with the contractors who did the work and ask for statements to verify the work and cost. They can also get written descriptions from friends and relatives who saw the house before and after any improvements.
- For inherited property, taxpayers can check court records for probate values. If a trust or estate existed, taxpayers can contact the attorney who handled the trust.
- When no other records are available, people should check the county assessor's office for old records that might address the value of the property.
- Car owners can research the current fair-market value for most vehicles. Resources are available online and at most libraries. These include Kelley's Blue Book, the National Automobile Dealers Association and Edmunds.
More Information:
Publication 547, Casualties, Disasters, and Thefts
Publication 584, Casualty, Disaster, and Theft Loss Workbook Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook
Publication 976, Disaster Relief
Small Business Administration
DisasterAssistance.gov
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