Deductions & credits

What is FMV before loss?

This is the value of an asset before it was damaged or stolen.

What is FMV after loss?

This depends on the asset and the damage that was done. For example, let's say you have a car with a FMV of $10,000 before it was damaged.

If a tree falls on your car in a storm and totals it, then the FMV after loss is $0.

However, if the tree only broke the car's windshield, which resulted in $500 worth of damages, then the car's FMV after loss is $9,500.
When you go into this screen, the information I just laid out for you will be presented here

So, since it doesn't talk anything about insurance, you will enter the total fmv before the loss including what the insurance co. paid you( don't subtract it), the total  fmv after the loss(without deduction the amount you received from the insurance co). The insurance reimbursement that the company paid you was already entered in the previous screen

Enjoy!