Hurricane (in a federally declared disaster are) completely destroys Keith's boat in 2022 rendering it worthless. The boat was worth $50,000, and Keith paid $70,000 for the boat two years ago. The boat (his only loss from this event) is a personal use asset. Keith's AGI for 2022 is $80,000. 

a. What is the casualty loss deduction that Keith can take as an itemized deduction in 2022?

Answer rating: 100% (QA)

Keiths Casualty Loss Deduction in 2022 Calculations Casualty Loss Amount Origin... View the full answer