- Primary residence (house) was damaged during Hurricane Helene (FEMA disaster) in 2024 and fair market value declined 20%.
- Same year house was sold
- When entering the house sale in Turbotax, the sales price, which obviously reflected the FMV, was used.
It seems to me, this is the extent for which the decline in FMV can be claimed on the tax return. The decline cannot also be included as a casualty loss. Correct?
