can I use home Insurance appraisal to determine FMV, before and after roof damage. And do I have to break it down by roof, dwelling, tree removal ? Roof has not been replaced yet. Insurance has two amounts., replacement value and amount after depreciation.
why are you trying to put this on your taxes?
did this damage occur in a federally declared disaster zone?
did you have a loss net of what the insurance paid you?
yes it was from a Federally Declared Disaster. The Derecho that hit Iowa on August 10, 2020. Our insurance paid an amount the would cover Replacement cost ($12,300 ) - minus - Depreciation amount ($7,700) If we replace the roof within 2 years, they will pay the $7,700. We paid a total of $5100 to remove the tree that fell on our house. We did temporary repairs to patch and replace shingles , replaced the chimney cap, etc, that were blown off . $800 for an electrician to repair/replace the power pole that was pulled off our house. We were without power for 10 days. The roof is 22 years old, original cost of roof was $6500. The insurance appraisal was RCV $12,300 and ACV $5420 for the roof. Can I use these $$ for the before FMV and after FMV for the roof.
Dwelling would include the power pole plus misc. gutter, siding and trim, RCV $3256 & ACV $2417 .
Debris/ tree removal RCV $5100 & ACV $5100.
RCV - repair/replacement cost value ACV - actual cost value