From Boulder County:
For those who were unable to attend the Post-Disaster Income Tax Workshop in Boulder on Feb. 12, this video is a similar one that was presented in El Paso County on Feb. 13.
The workshop addressed fire and flood loss, so it delves deeply into possible insurance scenarios in addition to flood loss issues. An explanation about how the national disaster declaration can impact tax consequences is near the end of the presentation at 2:01:16.
The Post-Disaster Income Tax Workshop covered several topics including:
- Income tax benefits and reporting responsibilities that can help and hurt people who experienced a disaster loss
- Is there a loss or gain? What tax year should you claim a loss? Sell and buy or rebuild?
- Documenting and claiming insured and uninsured losses
- Tax consequences of insurance settlements SBA loans, FEMA grants, etc.
- Special rules for federally declared disasters
- Determining your cost basis for damaged property
For more information about the workshops, contact Kerri Oliver at firstname.lastname@example.org.