Question: Exercise 7-24 (Algorithmic) (LO.4) Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a

Exercise 7-24 (Algorithmic) (LO.4) Belinda was involved in a boating accident

Exercise 7-24 (Algorithmic) (LO.4) Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $48,800 and an adjusted basis of $24,400, was completely destroyed. She received $17,080 from her insurance company. Her AGI for 2020 is $61,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ Is her loss currently deductible? Yes, as an itemized deduction. Only to the extent the loss can offset other personal casualty gains. No, because personal casualty losses are not allowed after 2017

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