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How appraisers can be used for property loss deduction cases
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The Appraisal Journal, a quarterly technical and academic publication of the Appraisal Institute, ran an article in the latest issue centered on the role of appraisers in helping homeowners validate deductions on federal income tax returns because of property damage from natural disasters.
The article, “The Appraiser’s Role in Calculating Casualty Loss Deductions from Natural Disasters,” states that because the IRS allows casualty loss deductions of the difference between a property’s pre-disaster and post-disaster value, minus any insurance reimbursement, qualified appraisers are crucial in helping pinpoint the decline of a property’s fair market value.
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