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How does a taxpayer establish the decrease in the fair market value of the property after a casualty?

April 26, 2017casualty fair market Property taxpayer value

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How does a taxpayer establish the decrease in the fair market value of the property after a casualty?

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A taxpayer may use either an appraisal or the cost to repair or clean up the property to determine the decrease in fair market value of the property after a casualty.