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07-06-2009, 01:34 PM
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9,732 posts, read 9,294,287 times
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My family's homeplace in West Virginia was destroyed by fire on July 4th. The property has been vacant for about five years when my grandmother was put in a nursing home. The insurance company would not renew the policy on the home because no one was living there. There was no mortage on the house and by the time the fire department could respond, it was totally gone.
My question is how do I determine the value of this "inherited" home to claim a loss? Can we use the value from the last insurance policy, or do I have to get some sort of apprasial?
Thanks in advance.
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07-06-2009, 04:19 PM
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Location: OK
2,825 posts, read 7,240,829 times
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Have an appraisal done with the effective date of July 3.
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07-06-2009, 04:49 PM
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9,732 posts, read 9,294,287 times
Reputation: 6396
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Quote:
Originally Posted by Schousse
Have an appraisal done with the effective date of July 3.
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Appraise what? There is nothing left but a smoldering pile of ash. |
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07-06-2009, 05:17 PM
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Location: Just south of Denver since 1989
11,688 posts, read 32,861,485 times
Reputation: 8638
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I am guessing this is a tax question.
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07-06-2009, 05:49 PM
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Location: Hermoso y tranquilo Panamá
11,874 posts, read 10,701,653 times
Reputation: 47193
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Quote:
Originally Posted by 2bindenver
I am guessing this is a tax question.
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Ditto here. Nothing left of the house for a current appraisal, the house was vacant so no insurance . . . Someone familiar with real estate tax laws should be able to guide you on this. Just take whatever paperwork you have on your grandmother's house with you when you meet with them. I'm really sorry you and your family are having to go through this. |
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07-06-2009, 05:53 PM
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Location: Pawnee Nation
7,525 posts, read 16,282,981 times
Reputation: 7093
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Quote:
Originally Posted by kevinm
Appraise what? There is nothing left but a smoldering pile of ash.
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It is called a retrospective appraisal. I have done quite a few of them. Considering it was destroyed last weekend, it should be a relatively easy appraisal, particularly if the court house records have good data on the house itself. |
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