Victims of the floods that hit Story county this summer may be able to amend their 1995 tax returns and receive their money now.

Dave Evans, public affairs specialist for the Internal Revenue Service in Iowa, said because 15 Iowa counties were declared disaster areas, they can now claim a casualty loss on their 1995 tax returns.

By claiming a casualty loss on the 1995 tax return, victims of the flood won’t have to wait until their 1996 tax returns to claim their losses.

Evans said these taxpayers can amend their 1995 tax returns by filing a Form 1040X.

“You can file the amended return right now and get a refund on the taxes you’ve already paid,” Evans said.

Evans said taxpayers should have proof of their losses in order to claim a casualty loss deduction of their tax returns.

“One of the best ways to have proof is to take photographs,” Evans said. “Get out as soon as you can to take the pictures.”

Along with photographs, Evans said taxpayers should also keep very good records.

Taxpayers who are claiming losses will need to know the value of their property before the flood hit, the value of the property after the damage occurred, the amount of insurance payment they expect to receive and how much money they paid for the property to begin with.

Taxpayers claiming the casualty loss deduction will need to know the type of casualty and when it occurred, if the loss was the direct result of the casualty and if the person claiming the loss was the owner of the property.

Evans said taxpayers have until April 15, 1997 to decide whether to amend their 1995 tax returns. If taxpayers decide not to amend their 1995 return, they may still claim their losses on their 1996 returns.