Reference no: EM131268070
Alonzo, a single taxpayer, has adjusted gross income of $30,000 in the current year. During the year, a hurricane causes $4,100 damage to Alonzo’s personal use car on which he has no insurance. Alonzo purchased the car for $20,000. Immediately before the hurricane, the car's fair market value was $11,000 and immediately after the hurricane its fair market value was $6,900. What amount should Alonzo deduct as a casualty loss for the current year after all threshold limitations are applied?
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Current year after all threshold limitations are applied
: Alonzo, a single taxpayer, has adjusted gross income of $30,000 in the current year. During the year, a hurricane causes $4,100 damage to Alonzo’s personal use car on which he has no insurance. Alonzo purchased the car for $20,000. Immediately before..
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