Kirk was insured for 70 of his actual loss and he received, Ask an Expert

Accounting

Kirk had an adjusted gross income of $60,000. During the year, his personal use summer home was partially destroyed by a fire. Pertinent data with respect to the home follows:

Cost basis $225,000
Value before casualty $235,000
Value after casualty $165,000

Kirk was insured for 70% of his actual loss, and he received the insurance settlement. What is Kirk's allowable casualty loss deduction?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M955590

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