[StBernard] Home Income Tax Writeoff

[Westley Annis]

Typically, for a single-family residence, for a full appraisal (which the
IRS will require) my base fee would be anywhere between $300 and $350.  The
difference in price will depend on if I have to put on all the protective
gear and walk through a house that has all the debris and muck in it.  If
it's been cleaned out and safe to walk through, then my fee would only be
$300.  Or, if someone has their floor plans showing spec measurements, it
could be even less.

Naturally, income properties like duplexes and up to 4-units will cost more.
And, let me advise landlords that not only the rental property they owned,
but the income or potential income that's lost as a result of Katrina can
also be written off their taxes under the same Disaster Relief Act.  As a
licensed and certified residential appraiser, I can appraise single family
residences and rental properties up to 4 units within the same building.  If
you have more than 4 units then you need to hire what's called a "general"
appraiser - which are not easy to find.

Anyone who calls can describe to me what information they have and what I'll
have to face when going out to their home.  I should mention I have heard of
appraisers charging ridiculous fees for doing this.  My fees are pretty much
the same as before Katrina.  I am not going to try and take advantage of
people and the situation - particularly when I many of the property owners
who might call me are my neighbors and friends.

Also note, on the IRS Publication 547 it mentions if you recently purchased
your home or refinanced it where a "federal" related loan was involved, you
can use the appraisal that was used for that loan. HOWEVER, what the
publication does not mention is how recent that loan needed to have taken
place for the appraisal to be good.  Normally, the feds do not accept an
appraisal over 6 months old - and besides, there's a good chance your
property increased in value since that older appraisal was done.  Thus, a
new appraisal gives the homeowner the potential for a higher value and
greater tax write off.  Also, the appraisal involved with a loan was very
likely to have a more "conservative" value since lenders never look to loan
more than what is necessary.  I am not under such "restraint" when
appraising for tax purposes.

If you or anyone else needs more information, email me or feel free to give
me a call anytime - but not if it's near the end of the Saints game and
their driving for the win.

Thanks,
John Scurich
Scurich & Associates Appraisal Services
Phone: 985-882-9421 / cell: 504-722-6662


----- Original Message -----
From: "Westley Annis" <westley at da-parish.com>
To: <stbernard at da-parish.com>
Sent: Sunday, October 09, 2005 11:57 AM
Subject: [StBernard] Home Income Tax Writeoff



> Not all emails sent through this list reflect

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> John,

>

> What is your price range for an appraisal?

>

> Thanks,

> Westley

>

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