Tax experts share relief information for flood victims

Tuesday, September 28, 2010 at 6:56pm
Staff reports

It’s been almost five months since the Nashville area experienced historic flooding and many residents are still working to put their lives back together.

For those who putting their finances back in order, a community meeting slated Thursday in Belle Meade will offer information on tax deductions, refunds and credits.

The Mayor’s Flood Recovery Team has assembled a group of local tax experts to meet with residents who have questions about amending their 2009 or preparing to file their 2010 federal income tax. The IRS Casualty Loss tax deduction is a valuable source of aid for Metro flood victims, but it requires extensive paperwork and may require assistance from a tax professional.

Robert Nadler with the Legal Aid Society of Middle Tennessee will give an introduction to casualty loss, then lead a basic question-and-answer session. Nadler has written a “2010 Tax Guide for Flood Victims” and an instructional flier “Seven Steps to Casualty Losses for Income Tax Returns.”

The meeting is set for 7 p.m. Thursday, Sept. 30, at the Belle Meade United Methodist Church, 121 Davidson Road.

In addition to federal tax relief, any household that qualified for FEMA aid can receive a state sales tax refund on building supplies used for restoration of the individual’s primary residence with a purchase price of $500 or less per item. Homeowners can also receive a refund up to $2,500 to replace major appliances and residential furniture used in the individual’s primary residence with a purchase price of $3,200 or less. Items have to be purchased on or before Thursday, Sept. 30. The deadline to file for a sales tax refund is Nov. 30.

The complete list of eligible items is on the Tennessee Department of Revenue website: www.state.tn.us/revenue/misc/floodrelief.htm.

For more information, visit www.nashvillerecovery.com.