Amending 2022 Tax Return due to Hurricane Ian

[jgirt59]

The Federal Government Declared Hurricane Ian a Major Disaster and allows for amending the 2022 tax return. When calculating FMV after the hurricane, is it reasonable to reduce the FMV by the repair costs it would take to return your residence to its former state? For example, if a home is worth 200K before the hurricane, and incurred 20K of damage, it is now worth 180K? 

[RobertB4444]

That is the best way to calculate it.  Your loss is the equivalent of what it would take for you to get back to the state you were before the disaster.

@jgirt59