Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $48,800 and an adjusted basis of $24,400, was completely destroyed. She received $17,080 from her insurance company. Her AGI for 2020 is $61,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ 1,120 X Is her loss currently deductible? Only to the extent the loss can offset other personal casualty gains. Feedback Check My Work The rules for determining the amount of a loss depend in part on whether business use, income-producing use, or personal use property was involved. Another factor that must be considered is whether the property was partially or completely destroyed