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In 2017, Grant's Personal Residence Was Completely Destroyed by Fire

Question 49

Multiple Choice

In 2017, Grant's personal residence was completely destroyed by fire. Grant was insured for 100% 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: What is Grant's allowable casualty loss deduction?
In 2017, Grant's personal residence was completely destroyed by fire. Grant was insured for 100% 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: What is Grant's allowable casualty loss deduction? A) $0 B) $6,500 C) $6,900 D) $10,000 E) $80,000


A) $0
B) $6,500
C) $6,900
D) $10,000
E) $80,000

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