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In 2 0 2 2 , Grant s personal residence was completely destroyed by fire. Grant was insured for 1 0 0 % of his
In Grants personal residence was completely destroyed by fire. Grant was insured for of his actual loss, and he received the insurance settlement. Grant had adjusted gross income, before considering the casualty item, of $ Pertinent data with respect to the residence follows:
Cost basis
$
Value before casualty
Value after casualty
What is Grants allowable casualty loss deduction? What would Grants casualty loss deduction be if there were no insurance settlement proceeds and the loss was from a Federally declared disaster area?
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