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What amount should pat deduct as a casualty loss

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Problem 1: Pat, a single taxpayer, has adjusted gross income of $40,000 in the current year. During the year, a hurricane causes $4,100 damage to Pat's personal use car on which Pat has no damage insurance. The area in which the damage occurred was a federally declared disaster area. Pat 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 Pat deduct as a casualty loss for the current year after all threshold limitations are applied?

A. $4,100

B. $4,000

C. $100

D. $0

Reference no: EM132824954

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