During the year, Greta's mountain cabin was almost completely destroyed by a fire started in the kitchen.
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Question:
During the year, Greta's mountain cabin was almost completely destroyed by a fire started in the kitchen. She had an adjusted gross income of $110,000 in 2018 and related data with respect to the cabin follows:
Cost basis: | $ | 121,000 |
Value before casualty: | $ | 155,000 |
Value after casualty: | $ | 15,000 |
Greta was partially insured for the loss and in 2018 she received a $100,000 insurance settlement. What is Greta's allowable casualty loss deduction for 2018?
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