How do you determine fair market value for one room and what date to use for date purchased, eg when house was purchased? I had water damage in the living room.

js5 · ‎June 4, 2019

How do you determine fair market value for one room and what date to use for date purchased, eg when house was purchased? I had water damage in the living room. Some steps are provided by TurboTax for unexpected casualty loss, but the instructions do not go beyond describing the event. I paid for repairs (drywall repair, carpet, etc.) out right, did not claim with insurance.

CarolynM · ‎June 4, 2019

For the date: use the date you purchased the home

For the fair market value: determine the fair market value of your home before the damage (your tax records) and apportion the room to that value.

For example: If you home was 2000 square feet, and your living room is 15 x 15 (225 sq ft), it is 11.25% of your home; you will use 11.25% of you home value as the fair market value.

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How do you determine fair market value for one room and what date to use for date purchased, eg when house was purchased? I had water damage in the living room.

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