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How do I determine the fair market value for flood loss of household/personal items in the second column of Form 4684 for 2016 return?
I don't have receipts to get the original cost of any items, either. Using an estimate of what such items would cost today, and then depreciating them, I can arrive at a Fair Market Value (before total loss) that way. Will IRS accept that? Also, I planned to include kitchen cabinets that were ruined (including matching upper cabinets). Can I include damaged flooring as well?
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‎June 4, 2019
3:43 PM