The Fair Market Value (FMV) of your house without the HVAC system is the FMV of the house less the cost of the replacement HVAC system.
Keep in mind "you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement."
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