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Bill's car was totally destroyed during a federally declared disaster in 2020. The car had a fair market value of $18,000 before it was destroyed
Bill's car was totally destroyed during a federally declared disaster in 2020. The car had a fair market value of $18,000 before it was destroyed and cost him $16,000 when he purchased it two years ago. Bill's adjusted gross income for 2020 was $50,000. Compute Bill's casualty deduction that he would place on Schedule A - line 15 if in fact he itemized his dedcutions in 2020.
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