Compute the keanes itemized deduction for casualty losses

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Reference no: EM131292098

Paul and Rae Keane had only one casualty loss this year. A tornado severely damaged their home, decreasing its value by $70,000. The couple received a $48,000 reimbursement from their insurance company. Compute the Keane’s itemized deduction for casualty losses if their AGI was $98,200.

Reference no: EM131292098

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Compute the keanes itemized deduction for casualty losses : Paul and Rae Keane had only one casualty loss this year. A tornado severely damaged their home, decreasing its value by $70,000. The couple received a $48,000 reimbursement from their insurance company. Compute the Keane’s itemized deduction for casu..

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