What is belinda casualty loss deduction

Reference no: EM132217078

Questions -

Q1. Determine the treatment of a loss on rental property under the following facts:

Basis - $650,000

FMV before the loss - 800,000

FMV after the loss - 200,000

Q2. Belinda was involved in a boating accident in 2018. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2018 is $37,000. What is Belinda's casualty loss deduction (after any limitations)?

Reference no: EM132217078

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