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Bryan's house was destroyed by a fire, and federal disaster was declared for the area. His basis of the house was $160,000. The FMV before
Bryan's house was destroyed by a fire, and federal disaster was declared for the area. His basis of the house was $160,000. The FMV before the fire was $470,000 (it decreased in value 470k from the disaster). In November of this year, Bryan got $310,000 from his insurance company. Bryan's AGI was $80,000. How much can he deduct as a casualty loss itemized deduction?
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