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Fmv after the accident is difficult to determine

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In 2019, Akeem purchased an automobile (used for nonbusiness purposes) for $17,000. In April 2021, he had an accident with another automobile. Akeem auto had an FMV of $14,500 when the accident occurred. The FMV after the accident is difficult to determine. However, the cost to repair the auto to its precasualty condition was $5,000. The $5,000 would be a reasonable amount to deduct as a casualty loss. However, because this was not a result of federally declared disaster, Akeem is not allowed to take any casualty loss for this car accident.

Reference no: EM133228483

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