Do I need Pre & Post Casualty Loss FMV Appraisals?

If the insurance payout and any government assistance received for the casualty event are equal to or greater than the cost to repair the damaged property or restore it to its pre-casualty condition, a pre-casualty and post-casualty FMV appraisal may not be required. The IRS provides safe harbor methods that taxpayers can use instead of a FMV appraisals when calculating the casualty loss.

However, if the cost to repair exceeds the insurance payout and any government assistance received, a pre-casualty and post-casualty FMV appraisal is necessary to determine the decrease in value caused by the casualty event. 

Contact us today to learn more about our services and how we can assist you with your appraisal needs.