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John uses a food truck in his self-employed catering business. During 2019, his truck was completely destroyed in a storm that was not a federally
John uses a food truck in his self-employed catering business. During 2019, his truck was completely destroyed in a storm that was not a federally declared disaster area. Adjusted basis of the truck was $30,000 and the fair market value was $26,000 prior to the storm. His insurance company approved his claim and paid him $12,000. His AGI was $40,000. Compute the casualty loss for John on his 2019 tax return. 18,000 O 30,000 O 26,000 O 14,000
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