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Mr. and Mrs. Russell experienced a casualty loss this year. Their home was damaged by a tornado (a federally declared disaster) and the value of
Mr. and Mrs. Russell experienced a casualty loss this year. Their home was damaged by a tornado (a federally declared disaster) and the value of the home was decreased by $70,000. Catco, their insurance company, reimbursed the couple $48,000. If the Russell's AGI was $98,200, what is their itemized deduction for casualty losses?
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