[StBernard] Home Income Tax Writeoff

[Westley Annis]

Wesley,

I'd like to pass on to everyone information I believe most homeowners will
have to take advantage of.  Earlier this week I went to Lakeview to appraise
the home of an attorney that will need to be demolished and rebuilt.  He had
little to no insurance coverage that would pay off.  So, why did he want his
property appraised?  Tax write off.  Under the Disaster Relief Act property
owners can claim a loss on their property that is not covered by insurances.

Here's how it works, according to IRS Publication No. 547 which can be
obtained at the IRS website at www.irg.gov or by calling the IRS toll free
at 1-877-777-4778:

First, you get your entire property (house and lot) appraised to determine
its fair market value the day before the storm hit AND its value as of
current day - in its "damaged" condition. (Note: the IRS is clear about the
appraiser must be licensed and certified in the state where the claim of
loss is being made).

Next, you take the appraised market value of the property before the storm,
subtract from that the property's current day value, then subtract again any
funds you receive from insurance policies.  What's left is the amount you
can claim as a loss against your income taxes.

In fact, you can even go back to amend last year's taxes (2004) to begin
recouping your losses.  Even if your loss is just a few thousand dollars,
it's worth claiming. After all, even the smallest amount is better off in
your pocket than the federal government's.  It is well worth the price of an
appraisal which is only a few hundred dollars.  Let me suggest you speak
with a CPA or tax advisor.  But, do check out the IRS website.  I found the
publication to be easy to read and understand.

Remember, before you can begin to figure your loss claim on your taxes, you
have to complete the insurance claims process to know exactly how much loss
you have on your property.  Of course, some homeowners have already
contacted me to appraise the loss of the property because they knew they
were not going to recoup their entire loss from insurances - either they had
no flood insurance or not enough.  The appraisal helps get the process
started.

I have no doubt thousands of St. Bernard Parish homeowners are going to find
themselves in the same situation where insurances will not cover their
entire loss.  We all need to take advantage of the tax laws.

I, like so many, are in the process of trying to rebuild a life and a
living.  I would truly appreciate anyone who would use my appraisal service.
I am glad to help anyone in any way with appraisals or advice.

Thank you and God Bless to everyone,

John Scurich
Business phone: (985) 882-9421 / Cell Phone: (504) 722-6662
Email:  scurich at bellsouth.net