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ed-mchugh
New Member

If I had damage to my home in a FEMA declared disaster, I'm unclear how to put in the cost basis. I didn't lose my home, but I had clean up and repair costs.

 
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JulieR
Expert Alumni

If I had damage to my home in a FEMA declared disaster, I'm unclear how to put in the cost basis. I didn't lose my home, but I had clean up and repair costs.

The cost basis you'll enter is the purchase price of your home plus the cost any major improvements you made to the home since it's purchase.  The program later asks for the Fair Market Value (FMV) of the house just before the disaster loss and the FMV immediately after the disaster loss.

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1 Reply
JulieR
Expert Alumni

If I had damage to my home in a FEMA declared disaster, I'm unclear how to put in the cost basis. I didn't lose my home, but I had clean up and repair costs.

The cost basis you'll enter is the purchase price of your home plus the cost any major improvements you made to the home since it's purchase.  The program later asks for the Fair Market Value (FMV) of the house just before the disaster loss and the FMV immediately after the disaster loss.

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