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becki3769
New Member

Question about Natural Disaster funds received from FEMA

I was on a joint application for FEMA assistance this year with my mother who I reside with. I have no ownership in the property, however myself and my children were impacted by the floods with loss of personal property etc. My question is- is there an additional form or something I need to complete because I received joint funds with my mom from FEMA for assistance in rebuilding? Please advise.
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JohnR1
New Member

Question about Natural Disaster funds received from FEMA

You do not have to include the FEMA assistance which you received in your federal tax return, or enter it into TurboTax - FEMA assistance is not taxable income, and does not affect benefits from any other federal program.

 FEMA grants for rent, essential home repairs, personal property losses and other serious disaster-related needs not covered by insurance do not count as income.

 For more information, please see the following IRS webpage with FAQs for Disaster Victims about FEMA mitigation payments:

https://www.irs.gov/businesses/small-businesses-self-employed/faqs-for-disaster-victims-mitigation-p....

 

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1 Reply
JohnR1
New Member

Question about Natural Disaster funds received from FEMA

You do not have to include the FEMA assistance which you received in your federal tax return, or enter it into TurboTax - FEMA assistance is not taxable income, and does not affect benefits from any other federal program.

 FEMA grants for rent, essential home repairs, personal property losses and other serious disaster-related needs not covered by insurance do not count as income.

 For more information, please see the following IRS webpage with FAQs for Disaster Victims about FEMA mitigation payments:

https://www.irs.gov/businesses/small-businesses-self-employed/faqs-for-disaster-victims-mitigation-p....

 

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