How do i find fair market value after a casualty? I had internal flood damage due to hurricane harvey. Roof leaked in several places I suffered at least 35k + in damages.

[CarolC]

You may need a competent appraiser to help determine the value of your loss and determine the Fair Market Value of your property after the hurricane.

Example:  If your home was valued at $250,000 before the hurricane, but then you had roof and flood damage totaling $35,000.  After your loss, your home is appraised and is now valued at $215,000.  Your decrease in FMV is your loss.  However, remember you must reduce your loss by any insurance reimbursement.

You will use the smaller of the property’s tax basis or the decrease in fair market value to determine your loss. 

The IRS states, "You figure the amount of your loss using the following steps:

• Determine your adjusted basis in the property before the casualty. For property you buy, your basis is usually its cost to you. For property you acquire in some other way, such as inheriting it or getting it as a gift, you must figure your basis in another way. For more see Publication 551, Basis of Assets.
   
• Determine the decrease in fair market value, or FMV, of the property as a result of the casualty. FMV is the price for which you could sell your property to a willing buyer. The decrease in FMV is the difference between the property's FMV immediately before and immediately after the casualty.”

Click this TurboTax article About Casualty Deduction for Federal Income Tax for more information.

[Edited 2.20.18 | 5:00 PM]