(Answered) Question - jaimes home was completely destroyed by flooding

Accounting

Question - Jaime's home was completely destroyed by flooding in 2016. He purchased the home in 2010 for $175,000 including $50,000 allocated for the land.

1. What is Jaime's loss (assuming he had no insurance)?

2. If Jaime's adjusted gross income is $80,000, what is his deductible loss?

3. Assume Jaime had insurance and received $160,000 in insurance proceeds to rebuild his home. What is his realized gain or loss?

4. What is the recognized gain or loss if he elects to build a smaller home and only uses $120,000 of the insurance proceeds to build the replacement home?

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