What is the amount of casualty loss he can deduct

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Reference no: EM131295340

During 2016, John’s wallet was stolen ($250 in cash) and his house was destroyed by a tornado. He had insurance on his house that reimbursed him $50,000. His house was worth $100,000 before the tornado and $25,000 after. His basis in his house was $80,000. What is the amount of casualty loss he can deduct as an itemized deduction for 2016?

Reference no: EM131295340

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