Reconstructing Your Records After a Natural Disaster

Fire, hurricanes, and earthquakes – sometimes disaster strikes before we can get prepared. Making an emergency preparedness kit with food, supplies, radio, prescriptions, and important documents is your best bet before a disaster happens. Getting your records together and providing an accurate account of losses after a disaster will help with general tax purposes and will also be required for obtaining federal assistance, grants, loans, or insurance reimbursements. Here are a few tips:

  • Take photos and/or video as soon as possible after the disaster.
  • Contact title, escrow, or banks to get copies of needed documents. Your real estate broker may have these records as well.
  • Research comparable homes in your neighborhood for value.
  • Review insurance policies; they can contain a base value for replacement.
  • If you made improvements to your home, contact the contractor for verification of costs.
  • You can check the county assessor’s office for old records.

 

Reconstructing your records will help you to get re-established should your home be affected by a disaster.

 

Tip adapted from IRS.gov[i]

[i]  https://www.irs.gov/newsroom/reconstructing-records-after-a-natural-disaster-or-casualty-loss-irs-provides-tips-to-help-taxpayers

 

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