Belinda was involved in a boating accident in 2015. Her speedboat, which was used only for personal

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Belinda was involved in a boating accident in 2015. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2015 is $37,000. What is Belinda's casualty loss deduction (after any limitations)?
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South Western Federal Taxation 2016 Comprehensive

ISBN: 9781305395114

39th Edition

Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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