London, KY -- Kentucky residents who suffered losses in the recent floods, tornadoes, wind and hailstorms may be eligible for tax refunds from the Internal Revenue Service (IRS).
The IRS has ruled that such losses, defined as damage, destruction, or loss of property from a catastrophic event, may be deducted on the federal income tax return for the year in which the casualty occurred or by amending the return for the previous year.
Residents of the 52 Kentucky counties who had losses may amend their federal tax returns for the year 2001, filed this year, to reflect all or part of their loss, or they may include the deductions in returns to be filed by April 15, 2003.
Deductible items include homes and personal property, such as furnishings, appliances, vehicles, and clothing.
Amending this year's return to claim casualty losses can provide extra money for home repairs or replacing damaged goods.
Reports compiled by Federal Emergency Management Agency (FEMA) inspectors will serve to document losses and may be attached to your tax form or the amendment.
To schedule a visit by a FEMA housing inspector, flood victims must first register for assistance by calling 1-800-621-FEMA (3362). Individuals with speech or hearing impairments should call TTY 1-800-462-7585.
For more information contact your accountant or the IRS general information number at 1-800-829-1040. The IRS website is www.irs.gov.