Glenn and Marys house was damaged by a hurricane in 2016. The fair value of their home
Question:
Glenn and Mary’s house was damaged by a hurricane in 2016. The fair value of their home before the hurricane was $150,000. After the hurricane, the fair value of their home was $125,000. They received $10,000 from their homeowner’s insurance policy. What is their casualty loss deduction for 2016 if their adjusted gross income was $40,000?
a. $10,900
b. $11,000
c. $14,900
d. $15,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Question Posted: