Ben purchased a personal residence for $70,000. The home was not depreciated. It had a fair market value of $90,000 when it was damaged from a fire due to him smoking in bed. The fair market value after the fire was $50,000 and insurance proceeds totaled $20 ,000 . 

What is the net amount of casualty loss he can claim if his adjusted gross income is $100,000?

Answer rating: 100% (QA)

To calculate the net amount of casualty loss that Ben can claim we need to determine the decrease in ... View the full answer