Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
thefamilyholland
New Member

Hurricane Harvey casualty loss,damaged roof and living room ceiling. What do I enter for fmv before loss and fmv after loss? No insurance reimbursement. $1950 cost to me.

 
1 Reply
Coleen3
Intuit Alumni

Hurricane Harvey casualty loss,damaged roof and living room ceiling. What do I enter for fmv before loss and fmv after loss? No insurance reimbursement. $1950 cost to me.

The IRS doesn't give directions to this other than the quote below. The FMV, for ease of description, is what it would sell for. It would have obviously sold for more, before it was damaged. The cost out of pocket is not what they are looking for, although it could help you estimate.

Fair market value. 

FMV is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. When filling out Form 4684, you need to know the FMV of the property immediately before and immediately after the disaster, casualty, or theft.

https://www.irs.gov/publications/p584

 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v