Potential Income Tax Relief from the August 2020 Derecho

Victims of the Aug. 10, 2020 derecho may qualify for some income tax relief. Special rules for “Qualified Disaster Losses” apply to these Iowa counties: Benton, Boone, Cedar, Clinton, Jasper, Linn, Marshall, Polk, Poweshiek, Scott, Story and Tama.   

If you had unreimbursed expenses from the derecho, including expenses subject to your homeowners’ insurance deductible, consider discussing this issue with your income tax preparer as you complete your 2020 income tax returns (federal and Iowa).   

Other resources: 

• IRS announces tax relief for Iowa derecho victims
 
• Topic No. 515 Casualty, Disaster, and Theft Losses
 
• 2020 Expanded Instructions
  

Heartland AEA Business office staff cannot provide tax advice, but they wanted you to be aware of this matter.