Tax tips for those who are recovering from hurricanes

Once the holiday season is over, tax season is upon us. This year, between the two hurricanes and Ian, There are some things you’ll want to do that could get you thousands of dollars back.

WINK News anchor Chris Cifatte has the checklist.

First, “Collect your documents.”

Chad Cummings is a tax attorney and CPA. He said there are multiple pieces of information to gather.

“So, thinking in terms of process, the very first step is simply going to be gathering all of the documentation, whether that’s information submitted to insurers, quotes from general contractors, anything to attempt to quantify the damage,” said Cummings.

Next, check your out-of-pocket expenses. Identify things FEMA or your insurance company did not cover.

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That might be damage to your pool or patio or the difference between what you spent on repairs and what insurance paid you back.

Another thing you’ll want to talk to an expert about is taking a deduction for the decreased value of your property after a storm.    

And make sure you hold tax documents for at least seven years, in case the IRS asks questions.