A personal residence received hurricane damage in 2017. The fair value before the hurricane was $300,000. After the hurricane, the fair value of the residence was $250,000. The owner received $35,000 from her homeowner’s insurance. What is her casualty loss deduction for 2017 if her adjusted gross income was $41,000?

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Required solution is given below loss deduction for 2017 if ... View the full answer