Recent Louisiana flood victims can qualify for flood rebate dollars by re-filing your 2016 tax returns. Basically, if you lost more than 500 dollars that wasn’t covered by insurance or government grants, during the flood, you can deduct the difference from your 2016 income tax return. Brandon Lagarde is the tax director at Postlethwaite and Netterville in Baton Rouge.
A key issue in this benefit is taxpayers did at the time NOT have to itemize their return to make the adjustment.
Some residents could make significant adjustments to their tax returns for significant cash. Plus, you have another year and a half before you must file.
Loans taken out to pay to repair your property are allowed deductions.