Tax Rules for Tennessee Flood Victims

Victims of severe storms, flooding, straight-line winds and tornadoes beginning April 30 in Tennessee may qualify for tax relief from the Internal Revenue Service.

The President has declared Benton, Carroll, Cheatham, Chester, Clay, Crockett, Davidson, Decatur, DeKalb, Dickson, Dyer, Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Hickman, Houston, Humphreys, Jackson, Lauderdale, Lawrence, Lewis, Macon, Madison, Maury, McNairy, Montgomery, Obion, Perry, Robertson, Rutherford, Shelby, Smith, Stewart, Sumner, Tipton, Trousdale, Wayne, Williamson and Wilson counties in Tennessee as disaster areas qualifying for individual assistance.

If you reside or have a business in the disaster areas listed above, you have the option of claiming disaster-related casualty losses on your federal tax return for either 2009 (filing and amendment deadline extended until June 29, 2010) or 2010. Read more about this on the IRS website, or download IRS Publication 547.