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Get your taxes done using TurboTax
Regarding the FMV before Ian, a condo exactly two floors below me sold in early September 2022. I assume that would be the FMV of my unit before the storm. Another unit in my building, same floor plan as mine, sold in April 2023 for a significant amount less. Based on these facts, I feel the difference between these two amounts is a reasonable determination of the decrease in the FMV of my unit. Part of the issue again is that this property is mixed-use and apparently the residential and rental portions must be allocated - which I have no problem with. I have already calculated the percentage use for each activity which is necessary to prepare Schedule E. With regards to Form 4684, it also seems to be a problem with TT that the software cannot accommodate a way to enter data for the two activities and to provide the necessary attachments to support the Form. I have also concluded that I need to speak to a tax professional regarding this and it may be that I cannot use the TT software this year. (I have been using it since 2010.). Thank you again for your valuable comments. I'm still open to any suggestions.