Florida CFO Jimmy Patronis joins Fox & Friends to discuss the state's property insurance crisis as residents reel from Hurricane Milton.
Tens of millions of Americans living in federal disaster areas may be eligible for some tax relief in the form of late filing, and victims may be able to take a deduction from their losses.
The Internal Revenue Service has automatically extended the filing deadline for taxpayers living in affected areas. Hurricanes Helen and Milton The deadline is May 1, 2025, giving some residents and businesses in these states and states some grace.
Aerial view of flooding damage caused by Hurricane Helen along the Swannanoa River in Asheville, North Carolina on October 3, 2024. At least 200 people died in six states as a result of the powerful hurricane that made landfall as a category (Photo courtesy of Mario Tama/Getty Images/Getty Images)
However, this extension is only for residents of zip codes officially designated as federal disaster areas by the Federal Emergency Management Agency (FEMA).
In Helen's case, this includes all of Alabama, Georgia, North Carolina, and South Carolina, as well as several counties in Tennessee, Virginia, and Florida.
These are the deadliest hurricanes in U.S. history
but, entire state of florida All residents are eligible for the extension as it has been designated as a disaster area due to Milton.
An aerial view of a Sheriff's Office vehicle moving on a flooded road in Tampa, Florida, in the wake of Hurricane Milton on October 10, 2024. (Brian R. Smith/AFP via Getty Images/Getty Images)
The Sunshine State is also offering property tax refunds to hurricane victims. Under the property tax relief package signed by the state of Florida in response to Hurricanes Ian and Nicole in 2022, homeowners will receive pro-rated tax refunds. Fixed asset tax If one of the deadly hurricanes leaves your home uninhabitable for at least 30 days.
Florida small businesses hit by series of hurricanes: “We're just praying''
Under federal law, disaster victims living in federally designated disaster areas can also deduct losses not covered by insurance, but the details are complicated. wall street journal points out.
A Lloyd's restaurant employee searches through the rubble of a demolished restaurant after Hurricane Helen made landfall in Steinhatchee, Florida, Friday, September 27, 2024. (Willie J. Allen Jr./Orlando Sentinel/Tribune News Service via Getty Images/Getty Images)
Michael Schaff, an attorney with Foundation Law Group, told FOX Business that victims must live in a federally declared disaster area to claim loss deductions, and there is a deadline for individuals and businesses to apply. He emphasized that it only lasts two years.
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“When you get any kind of recovery, whether it's from the government or an insurance company, you have to be careful about how long you have to recover and what you can recover from,” Schaff said. “There is,” he warned.
