Florida homeowners live with the risk of hurricanes and tropical storms, and when a storm causes real damage to a property, the IRS allows a casualty loss deduction in certain cases — but claiming it on Form 4684 requires documenting exactly how much the property’s fair market value dropped because of the event, not just the cost of repairs.
I provide a before-and-after fair market value appraisal built specifically to support that filing: a defensible opinion of what the property was worth immediately before the casualty and immediately after, so your CPA or tax attorney has the number the IRS is actually looking for.
What’s typically included
- A fair market value opinion immediately before the casualty event and immediately after, isolating the drop in value the storm caused
- A report formatted to support your CPA or tax attorney in completing IRS Form 4684 and Schedule A
How the deduction generally works
A few things worth knowing going in (this is general information, not tax advice — your CPA or tax attorney will confirm how it applies to your specific return):
- For personal-use property, a casualty loss is generally only deductible if it’s attributable to a federally declared disaster. Recent storms affecting Pinellas, Hillsborough, Manatee, and Sarasota Counties — including Hurricanes Helene and Milton — carried federal disaster declarations, which is the kind of event this typically covers.
- The IRS’s own guidance (Publication 547) notes that a competent appraisal is generally the method used to establish the decrease in fair market value — which is where this appraisal comes in.
Who this is for: homeowners and property owners who sustained storm or hurricane damage and are working with a CPA or tax attorney to evaluate or claim a casualty loss deduction, and the CPAs and attorneys who need a defensible fair-market-value appraisal to support Form 4684.
FAQ
What exactly does the appraisal show?
Two fair market value figures — the property’s value immediately before the casualty and immediately after — with the difference clearly documented and supported by comparable sales and condition analysis.
Does my storm damage automatically qualify for a tax deduction?
Not automatically — for personal-use property, it generally needs to be tied to a federally declared disaster, and the loss calculation has specific rules. I can provide the valuation; your CPA or tax attorney can confirm eligibility and how it fits your return.
Can you tell me if I qualify for the deduction or help me file Form 4684?
I’m not a CPA or tax attorney, so I don’t provide tax advice or file returns — my role is the independent fair market value opinion. I’d recommend having a CPA or tax attorney handle the filing itself, and I’m glad to work directly with them on the numbers.
Request an Appraisal
Ready to get started, or have questions about which type of appraisal you need? Call 727-480-0003 or email Cforrey@tampabay.rr.com to request an appraisal. Serving Pinellas, Hillsborough, Manatee and Sarasota Counties.
Forrey Appraisal Group 