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Mr. and Mrs. Bearclaw had only one casualty loss this year when a tornado (a federally declared disaster) damaged their home, decreasing its value by
Mr. and Mrs. Bearclaw had only one casualty loss this year when a tornado (a federally declared disaster) damaged their home, decreasing its value by $70,000. The couple received a $48,000 reimbursement from their insurance company. Compute the Bearclaw's itemized deduction for casualty losses if their AGI was $98,200
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