Casualty Losses

What relief do I get after the President declared my area a Flood disaster location?

If an area has been classified as a Presidentially declared Disaster Area, then the filing deadlines of the tax returns are delayed. Also the payment of any tax liability is delayed. Penalties and interest in some circumstances can be waived if it can be proven the disaster caused you to file or pay late. You should speak with your local CPA or the Federal Emergency Management Agency for more details.

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