What is sammy casualty loss deduction

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Reference no: EM131908777

Sammy owned a home in south Florida that was severely damaged by a hurricane. Sammy had purchased the home for $150,000, and the fair market value of the home prior to the hurricane was $500,000. His homeowners insurance policy had lapsed one month before the hurricane hit and Sammy had not obtained any other insurance. After the hurricane, the property had a fair market value of $420,000. Assuming that Sammy's AGI was $115,000 this year, what is Sammy's casualty loss deduction?

Reference no: EM131908777

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