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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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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.
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.
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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