If you participate in a coordinated debris program and the cost of debris removal is less than your policy limits, you may be able to apply the benefits left over toward repairs/rebuilding. o Recovery Guide to Wildfire Debris Removal provides an overview of the debris removal program process. o Foundation removal In many cases, especially within government programs, the removal process includes demolishing and clearing the house’s foundation, a crucial step for future rebuilding efforts. Property Tax Property owners who lose their homes to calamities such as fire or flooding may be eligible for tax relief. To qualify, individuals must file an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity with the Assessor’s Office within 12 months from the
date the property was damaged or destroyed. • LA County Assessor's Office Disaster Relief • FAQs for Wildfires, Implications to Property Assessments/ Tax Bills
Taxes A federal disaster declaration is an official ruling that triggers special tax rules. IRS released this announcement today, providing tax relief to wildfire victims. • CA Tax Relief Program • You should consult with a tax professional. Casualty loss rules are a particularly complex part of the Internal Revenue Code, and it’s hard enough for the average person to understand them, let alone take full advantage of them. United Policy Holders recommends contacting a Certified Public Accountant (CPA) or Enrolled Agent (EA) who has worked with disaster survivors in the past.
Venbrook Insurance Services | CA License 0D80832
Next Steps: Where to Start After a Fire
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