You can probably use the cost of repairs to restore your house to its former condition for the decrease in FMV. See the rules below for limitations.
Publication 547, Casualties, Disasters, and Thefts states: you can use the cost of cleaning up or of making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions.
The repairs are actually made.
The repairs are necessary to bring the property back to its condition before the casualty.
The amount spent for repairs isn’t excessive.
The repairs take care of the damage only.
The value of the property after the repairs isn’t, due to the repairs, more than the value of the property before the casualty.
People often forget to include their landscaping that was damaged. Fence, plants, etc also count!
@ALDMLD91
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