Business, 04.07.2020 20:01 anaislewis457

On the night of October 14, Year 1, a hurricane caused serious damage to Paige’s personal vehicle and to the roof of her personal residence. Just prior to the hurricane, Paige had a $200,000 basis in her home and a $12,000 basis in her vehicle, which had a fair market value just prior to the hurricane of $10,000. The damage to the roof is appraised at $7,000 and the fair market value of the vehicle immediately after the hurricane is appraised at $5,000. Paige is uninsured and has a Year 1 AGI of $40,000. Assuming Paige resides in the zone considered to be a federally declared disaster area, what amount of casualty loss deduction may Paige claim on her Year 1 tax return as a result of the hurricane?

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On the night of October 14, Year 1, a hurricane caused serious damage to Paige’s personal vehicle an...

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