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Don's personal auto was damaged in a windstorm this year. Don purchased the auto several years ago for $32,000 and it was worth $18,475 at
Don's personal auto was damaged in a windstorm this year. Don purchased the auto several years ago for $32,000 and it was worth $18,475 at the time of the storm. The damage was superficial, so Don decided not to repair the car. Although Don collected $845 from his insurance company, the value of the car dropped after the storm to $15,190. What is Don's tax deduction related to the damage?
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$845
$13,525
$32,000
$0.
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