by DP3INOAKCLIFF » Tue Mar 15, 2016 12:59 pm
House burned down in 4/2015, repaired 1/2016. I have recoverable depreciation, I have purchased a lot of the major items such as bedroom sets, livingroom furniture, and TV's so far. I have lived in the house for 20 years or more It may take another year to fully replace all the items that were lost in the fire and I am constantly remembering other items lost in the fire. It is possible to get the remaining recoverable depreciation or did I need to try to hurry up and purchase the other missing items..
Posted: Sat Mar 19, 2016 07:35 am Post Subject:
Recoverable depreciation is based on the actual replacement of lost or damaged items. If you have not yet replaced them, you are only entitled to their Actual Cash Value at the time of the loss. You are also running up against the time limit to replace property -- 180 days is the usual maximum, and you are beyond that..
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