Deadlines: April 15, 2018 (or whenever your tax return is usually due)

Description: If you receive an insurance payment or other reimbursement in excess of the adjusted basis of damaged or destroyed property you will have a gain.

How to apply: Attach Form 4684 to your tax return: Instructions.

Phone: 866-562-5227

Forms: Form 4684

Personal Info: Address of damaged residence, description of damage, insurance info, current phone number, address to receive mail (links to ways to retrieve this info)

Notes: You can postpone any “recognized” gain on your main home if you buy a new home within 4 years of the end of the year the disaster occurred, or recognize the gain and report it.

You do not have to recognize gain on destroyed/damaged business property if it is replaced within two years of the end of the tax year in which the gain is realized.

More Info: https://www.irs.gov/newsroom/tax-relief-for-victims-of-wildfires-in-california

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