Getting ready to finalize my return. Using turbo tax premier under Casualties and Thefts:
For description of property, I put:
Residential House (lower level consisting of three rooms, HVAC system, water heater, a crawl space and garage plus contents were destroyed).
I listed cost basis as $129k (this is for the reconstruction and contents lost).
Insurance reimbursement was $61,464 ($44,464 from insurance company and $17k from FEMA).
Question about Fair Market Value is for the entire value of the home correct?
As such, I put FMV before loss at $700k and $595k after loss.
Does this appear to be sufficient?
Greatly appreciate the help!
