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TORNADO IN 2020 AND NO FEDERALLY DECLARED DISASTER. HOW CAN I CLAIM THIS LOSS?
- I survived a tornado in April of 2020 (Covid lockdown) but my 120 year old farmhouse did not fare so well. My insurance was useless and I took a distribution from my 401 K to repair my home under the Cares Act (Thank you Trump!). How do I claim my loss? I was in a state declared disaster zone but this was not acceptable to the IRS. (Only Federally Declared numbers were accepted). I was told to contact my state representatives as they create the tax laws. I paid huge taxes in 2020 due to the distribution I took to make repairs on my home. Is there anything I can do as far as an amendment to recoup any of these monies before time runs out to amend. Any helpful advice is appreciated! It's so unfair. I was taxed at the same rate as someone in a Federally Declared Zone, but I didn't qualify. Any helpful advice is appreciated.
May 7, 2024
5:55 PM