Victims of June's Floods May Qualify for Tax Deductions
WESLACO – Victims of June’s floods may have some extra deductions available this tax season.
The IRS says under the new tax reform, those who didn’t qualify for assistance from the Federal Emergency Management Agency or insurance reimbursement may qualify for tax relief.
A McAllen resident tells CHANNEL 5 NEWS it took three months to finish the repairs from the damage left behind from the floods. He explains he had to pay $4,000 out of pocket to help cover the costs.
KRGV’s Taylor Winkel spoke with tax expert Sonia Branca to learn more.
She explains the damages will be considered losses because the area was declared a federal disaster zone.
Watch the video above for the full story.