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Published July 16, 2009, 10:48 AM

Taxpayers can claim flood related losses

Fargo, ND (WDAY TV) - Nearly nine months before tax day, companies are telling taxpayers to keep a close tab on any flood related losses. Tonight at H and R Block in Fargo, flood victims learned about filing taxes for next year.

By: WDAY Staff Reports, WDAY

Fargo, ND (WDAY TV) - Nearly nine months before tax day, companies are telling taxpayers to keep a close tab on any flood related losses. Tonight at H and R Block in Fargo, flood victims learned about filing taxes for next year.

Some provisions have changed or been waived. Two of the most important, people can claim losses without itemizing their deductions. Also, the ten percent of adjusted gross income limitation for losses is removed.

“But because of the presidential disaster area, those two provisions I think are really gonna help people being able to utilize that this year and get them a little bigger refund.”

Taxpayers can amend taxes to take the disaster loss against last years. For more information go to irs.gov.

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