Rebecca Botson purchased a personal residence for $286,000. It had a fair market value of $300,000 in the current year when it was damaged by a flood that resulted in the entire area being declared a federal disaster area. The fair market value after the flood was $240,000 and insurance proceeds totaled $15,000. What is the net amount of federal casualty loss she can claim if her adjusted gross income is $120,000?
Rebecca Botson purchased a personal residence for $286,000. It had a fair market value of $300,000 in the current year when it was damaged by a flood that resulted in the entire area being declared a federal disaster area. The fair market value after the flood was $240,000 and insurance proceeds totaled $15,000. What is the net amount of federal casualty loss she can claim if her adjusted gross income is $120,000?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 17P
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Rebecca Botson purchased a personal residence for $286,000. It had a fair market value of $300,000 in the current year when it was damaged by a flood that resulted in the entire area being declared a federal disaster area. The fair market value after the flood was $240,000 and insurance proceeds totaled $15,000. What is the net amount of federal casualty loss she can claim if her adjusted gross income is $120,000?
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