Dan has a 20-year-old vintage car behind his residence. He has rarely used it. This year he discovers that it has been completely destroyed by rust. The car originally cost $5,000 and had a fair market value of that amount before the rust destroyed it. Dan has $25,000 of adjusted gross income. What is his casualty loss? Please explain.

Answer rating: 100% (QA)

There is no loss of casualty The property ... View the full answer