San Luis Obispo County taxpayers can claim losses from January’s storms or last summer’s Chimney Fire as a state tax deduction, according to California’s Franchise Tax Board. The deduction is designed to help cover losses not covered by personal property insurance.
The deduction was made possible by state emergency declarations during the two events, according to a release from the board, and deductions can be claimed on the return for either the year the disaster happened or the year immediately before the disaster occurred.
For example, storm damage that happened in January 2017 can be claimed as a deduction on either a 2016 tax return or a 2017 return, the organization said.
The Franchise Tax Board expedites refunds in cases where disaster-related deductions are claimed.
For more information, visit the Disaster Loss section on the Franchise Tax Board’s website or call the Franchise Tax Board at 800-852-5711.