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Peter woke up one day in 2019 to find his front porch had collapsed from rust and termites. It cost Peter $50,000 to fix the
Peter woke up one day in 2019 to find his front porch had collapsed from
rust and termites. It cost Peter $50,000 to fix the porch none of which was
covered by insurance. How much of a casualty loss deduction can Peter
claim for 2019 assuming his adjusted gross income is $125,000? Explain
your answer.
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