Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for...

 

 

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Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had a fair market value of $47,200 and an adjusted basis of $23,600, was completely destroyed. She received $16,520 from her insurance company. Her AGI for 2021 is $59,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ Is her loss currently deductible? Only to the extent the loss can offset other personal casualty gains. Feedback Check My Work The rules for determining the amount of a loss depend in part on whether business use, income-producing use, or personal use property was involved. Another factor that must be considered is whether the property was partially or completely destroyed. Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had a fair market value of $47,200 and an adjusted basis of $23,600, was completely destroyed. She received $16,520 from her insurance company. Her AGI for 2021 is $59,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ Is her loss currently deductible? Only to the extent the loss can offset other personal casualty gains. Feedback Check My Work The rules for determining the amount of a loss depend in part on whether business use, income-producing use, or personal use property was involved. Another factor that must be considered is whether the property was partially or completely destroyed.

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Belindas tentative casualty loss before any limitations is 23600 adjusted basis 16520 in... View the full answer