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How much can kerry claim as a casualty

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Reference no: EM132704345

Problem - Kerry's car is totaled in an auto accident. The car originally cost $18,000, but is worth $7,500 at the time of the accident. Kerry's insurance company gives her a check for $7,500. Kerry has $30,000 of adjusted gross income. How much can Kerry claim as a casualty loss on her tax return? Please explain.

Reference no: EM132704345

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