RUIDOSO, N.M. (KRQE) – Following the disaster declaration from the Federal Emergency Management Agency (FEMA), those impacted by the wildfires and flooding near Ruidoso, New Mexico can qualify for tax relief from the Internal Revenue Service (IRS).
The IRS will waive some fees and offer filing extensions for those living in the disaster area. The IRS will automatically identify taxpayers in the disaster area and offer relief, but those who live outside the disaster area or who have businesses outside the declared disaster area can call 866-562-5227 to request relief.
“The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after June 17, 2024, and before Nov. 1, 2024, are granted additional time to file through Nov. 1, 2024,” the IRS says in a press release. “As a result, affected individuals and businesses will have until Nov. 1, 2024, to file returns and pay any taxes that were originally due during this period.”
Those in the disaster area can also claim disaster-related casualty losses on their federal tax return for the year the loss occurred or the prior year, the IRS says. And individuals can deduct personal property losses not covered by insurance or other reimbursements, the IRS adds. To do so, the FEMA disaster declaration number “4795-DR” should be on the tax returns. More info can be found at this link.
