With countless connections for many decades in our beloved communities, our hearts go out to each and every one of you directly and indirectly affected by the Marshall Wildfires. At times it may sound hollow to say that we are here for you. We truly are here for you. Our mission is to provide peace of mind to you, especially when it feels as if there is none.
Given our technical role, in these times we want to provide you current guidance as it relates to tax, records, deadlines, and filing requirements. We compiled this short list of links we feel are the most pertinent and beneficial to you.
Some links and tips for immediate action:
- If you lost records in the fire, contact us to see what electronic records we have available for you, e.g. tax returns, property settlement statements.
- Delay paying your Q4 2021 estimated payment (due Jan 17, 2022) if you were impacted by the fire. These likely have a delayed due date of May 16, 2022 depending on how IRS clarifies who falls in the covered disaster area. Currently the IRS has defined this as “individuals and households affected by the wildfires and straight-line winds that reside or have a business in Boulder county qualify for tax relief”. We are monitoring for more specifics on this.
- This is now a “Federally declared disaster area” and as such disaster-related losses may be deductible either in 2021 (year of disaster) or 2020.
- Losses not covered by insurance are deductible.
- Start compiling full inventory of items destroyed. For insurance and tax purposes, will need information on initial cost as well as value at time of loss. Assessor will have records of the initial cost of the home (in most cases) via public records. This information can be found by clicking here, entering in the address and then clicking on “Deeds and Sales”.
- Keep receipts for ALL expenses while displaced – temporary housing, additional transportation cost, personal expenses, meals. Some may increase deductible loss.
- Contact your mortgage company to defer payments.
- Up to $200,000 SBA loans starting at 1.43% for 30 years available for impacted homeowners for real estate replacement.
- Up to $40,000 SBA loans available for homeowners with personal property loss.
- Up to $2,000,000 SBA loans starting at 2.83% for businesses with loss of real estate, inventory, machinery, equipment and other physical losses.
- Additional information regarding disaster loan assistance can be found here.
- Contact FEMA ASAP to apply for assistance by clicking here.
Our team is working full time to answer questions and be a resource to you now and in the coming weeks and months and to help navigate the way out of these very difficult times.
We will continue to provide timely updates and resources throughout the recovery process.