Hurricane Ian Resources: General Recovery Resources

10/10/2022
President Biden declared that the following counties are disaster areas: Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Pinellas, Orange, Osceola, Polk, Sarasota, and Seminole. This means Federal disaster funding will be available to residents and businesses in these areas. Residents and business owners who sustained losses in the designated areas can apply for assistance at www.disasterassistance.govby calling 800-621-FEMA (3362) or using the FEMA app.
 
Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effect of the disaster.
 
As a result of being declared a Federal disaster, the Casualty loss deduction will be available to those suffering a loss.
  • If you have a qualified disaster loss, you may elect to deduct the loss without itemizing your deductions.
  • The net casualty loss doesn’t need to exceed 10% of your adjusted gross income, but you would reduce each casualty loss by $500 after salvage value and any other reimbursement.
  • The disaster loss must be claimed in the taxable year the disaster occurred or in the taxable year immediately before the disaster occurred. (2021)