Joes automobile which was used only for business purposes

Reference no: EM13612923

Joe's automobile, which was used only for business purposes, was damaged in an accident. At the date of the accident, the fair market value of the automobile was $13,000 and its adjusted basis was $7,000. After the accident, the automobile was appraised at $4,000. Calculate Joe's loss. Is it a for or from AGI deduction?

Reference no: EM13612923

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