Assume victor will itemize deductions in 2010 and that this, Ask an Expert

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Victor has AGI of $100,000 for 2010. During 2010, Victor also had an uninsured personal casualty loss of $25,000 (after the $100 reduction). The personal casualty loss relates to an accident that Victor had with Diego. Victor carried no collision insurance and Diego was also an uninsured motorist. Assume Victor will itemize deductions in 2010 (and that this was Victor's only personal casualty). What is the casualty loss amount that Victor may actually deduct on his return?

a. $0

b. $10,000

c. $15,000

d. $25,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411177

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