In 2010 grants personal residence was damaged by fire., Ask an Expert

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In 2010, Grant's personal residence was damaged by fire. Grant was insured for 90% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income, before considering the casualty item, of $30,000. Pertinent data with respect to the residence follows:

Cost basis: $170,000
Value before casualty: 250,000
Value after casualty: 150,000

What is Grant's allowable casualty loss deduction?

a. $0

b. $6,500

c. $6,900

d. $10,000

e. $80,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435467

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