I am confused by this, too. The tax bill and homeowner's insurance policy have a property value for only the home to be rebuilt. That is about $200,000 less than the price of our home with land and home.
*Turbo tax asked what was the fair market value of the home on the date debt was last secured?
*What was the home acquisition debt and grandfathered debt on the date the debt was last secured?
I entered the value from an appraisal that we had on our home at the time of purchase for the fair market value. IS THAT WRONG? OR Is it supposed to be the value on the homeowner's insurance policy or tax bill? THAT IS A SIGNIFICANT PRICE DIFFERENCE. PLEASE CLARIFY.
Then I need to amend my tax return.
