Exerclse $7-25($Algorithmic$)($LO$.4)$

Belinda was involved in a boating acoident in $2024.$ Her speedboat, which was used only for personal use and had a fair market value of $$30,400$ and an adjusted basis of $$15,200,$ was completely destroyed. She received $$10,640$ from her insurance company. Her AGI for $2024$ is $$38,000.$

Belinda's tentative caswaity loss before any limitations $(-0.,$$$100$ foor and $A(B))$ is $ $$

Is her loss currently deductible? $$ Onty to the extent the less can offiset ether personal casuality gains. darr

Fentlack

T Oleck My Won

The nules 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 destroved.