Last week the IRS added a new page to their site offering links and help for victims of the California wildfires. You can check the page out here.
According to the IRS’ release, if you own property damaged by fire in the presidential disaster area, you can either claim uninsured or unreimbursed disaster losses by filing an amended 2006 tax return or you may wait and claim any losses on your 2007 return. Both individuals and businesses are eligible for these options. For more information, check out the IRS website.