Determine value for vacant house destroyed by fire (appraisal, insurance, property)

[kevinm]

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.

[Annemieke Roell]

Have an appraisal done with the effective date of July 3.

[kevinm]

Originally Posted by Schousse

Have an appraisal done with the effective date of July 3.

Appraise what? There is nothing left but a smoldering pile of ash.

[2bindenver]

I am guessing this is a tax question.

[JustJoy]

Originally Posted by 2bindenver

I am guessing this is a tax question.

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.

[Goodpasture]

Originally Posted by kevinm

Appraise what? There is nothing left but a smoldering pile of ash.

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.