What is alicia allowable casualty loss deduction

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Reference no: EM131763569

Question: During the year, Alicia's personal summer home was almost completely destroyed by a fire started in a work room. She had adjusted gross income of $110,000 in 2016 and related data with respect to the summer home follows:


Cost basis:	$	121,000
Value before casualty:	$	155,000
Value after casualty:	$	15,000

Alicia was partially insured for the loss and in 2016 she received a $100,000 insurance settlement. What is Alicia's allowable casualty loss deduction for 2016?

Reference no: EM131763569

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