How much did it cost to have all damaged items repaired or replaced? If the the repairs/replacement have been completed (for example, total cost of 10K), then 10K is the FMV Before Casualty. The FMV After Casualty is $0.
You could report the Reimbursement amount received in 2022, but will need to Amend your 2022 return to correct your reimbursement/loss amounts if you receive more reimbursements in 2023. Or, you could wait to report the Casualty Loss on your 2023 return.
Here's detailed info on Tax Credits for Federal Disasters and FEMA Assistance.
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