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tgood
New Member

I am amending 2018 taxes - federal declared disaster. Bought house in 2004 294,000 in 2018 worth 320,000 my credit on Tax say $0 .Because of increase in house value?

 
2 Replies
MarilynG1
Employee Tax Expert

I am amending 2018 taxes - federal declared disaster. Bought house in 2004 294,000 in 2018 worth 320,000 my credit on Tax say $0 .Because of increase in house value?

If you are claiming a Casualty Loss for your whole house, did you report the FMV Before the Casualty as 320K?

 

What amount did you use for FMV After the Casualty?

 

Click this link for more detailed info on Claiming a Casualty Loss. 

 

 

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tgood
New Member

I am amending 2018 taxes - federal declared disaster. Bought house in 2004 294,000 in 2018 worth 320,000 my credit on Tax say $0 .Because of increase in house value?

I entered fmv 294 before disaster and 320 fmv after disaster.  I wasn't the whole house just a part of foundation and cracks in walls galore.  I appreciate any advice you can give.

Thank you!

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