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Robert's community was struck by a hurricane. During the storm a tree blew over and destroyed his car. The storm was declared a federal disaster
Robert's community was struck by a hurricane. During the storm a tree blew over and destroyed his car. The storm was declared a federal disaster (FEMA Code EM-5566-FL). The market value of the car on the date of destruction was $14,000. Robert purchased the car in July 2018 at a cost of $18,500. Robert's car was only partially covered for this type of loss and his insurance paid him $5,000. Calculate Robert's casualty or theft loss on Form 4684 and carry any deductible amount to the Casualty and Theft Losses section of the Schedule A.
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