market value of $28,000 and an adjusted basis of $14,000 was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $37,000. What is Belinda’s casualty loss deduction (after any limitations)?
market value of $28,000 and an adjusted basis of $14,000 was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $37,000. What is Belinda’s casualty loss deduction (after any limitations)?
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 24CE
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Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000 was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $37,000. What is Belinda’s casualty loss deduction (after any limitations)?
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