The chens had insurance and received an 80000 insurance, Ask an Expert

Accounting

in 2011 the chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area they had AGI of $110,000 in 2011 the following information relates to the craft:

cost basis 95,000
FMV before casualty 145,000
FMV after casually 25,00

the chens had insurance and received an $80,000 insurance settlement what is the allowable casualty loss deduction for the chens in 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M960627

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