[StBernard] IRS Casualty Loss Info

[Westley Annis]

Westley,

I'm glad to see you mention the new tax breaks Congress has passed to help
Katrina victims, particularly those who carried little to no flood
insurance.  And, you are absolutely correct about the folks at the IRS help
desk not having insight on the details of the casualty and disaster loss tax
breaks.  When we spoke last week, I believe I told you I was on the phone
for nearly 2 hours with an IRS rep in Indianapolis.  While he tried to be as
helpful as possible, all he could really do is what I already knew - how to
look it up and read out of the IRS publication.

Because I am appraising people's home to help determine their loss and I had
some particular questions regarding the appraisal they need, all I could get
from the IRS is that they were "going to work with all the folks on the gulf
coast who lost their properties and didn't have much insurance coverage."
Even when you asked me to appraise your home I suggested then and I suggest
now....speak to a CPA or tax expert.   I spoke last week with St. Bernard
CPA Sandra Gibson and she certainly appears to up on the latest coming out
of Washington.  I believe I've heard CPA Dan Johnson has set up shop in
Jefferson Parish.  I urge everyone to contact either of these knowledgeable
professionals to get all the details.  They can help you determine if you
have sustained a loss to where it be worth it to hire an appraiser like
myself to provide you a "pre-Katrina and post-Katrina" market value of your
home, which is required.  Also, there are different rules for claiming
uncovered loss on personal property (or personal content) which they can
fill you in on.

I believe everyone should spend a few minutes with a tax professional to see
if they can take advantage of the tax breaks.  Or at least go to the IRS
website at www.irs.gov  A good place to start would be to read the IRS
publication no. 547 and the links they provide for the latest tax breaks
from Congress.

If I could be of assistance to anyone on the appraisal end, feel free to
give me a call.  Happy tax researching!

John Scurich
Louisiana Certified Residential Appraiser no. R1271
985-882-9421
504-722-6662