QUESTION 17 You own a building that you constructed on leased land. You use half of the building for your business and you live in the other half. The cost of the building was $400,000. You made no further improvements or additions to it. A fire in March damaged the entire building, The FMV of the building was $380,000 immediately before the fire and $320,000 afterwards. Your insurance company reimbursed you $40,000 for the fire damage. Depreciation on the business part of the building before the fire totaled $24,000. Your adjusted gross income for the year the fire occurred is $125,000. How much is your deductible business casualty loss in 2018? QUESTION 17 You own a building that you constructed on leased land. You use half of the building for your business and you live in the other half. The cost of the building was $400,000. You made no further improvements or additions to it. A fire in March damaged the entire building, The FMV of the building was $380,000 immediately before the fire and $320,000 afterwards. Your insurance company reimbursed you $40,000 for the fire damage. Depreciation on the business part of the building before the fire totaled $24,000. Your adjusted gross income for the year the fire occurred is $125,000. How much is your deductible business casualty loss in 2018