Question
Stella, single, owned a personal-use van that she bought for $20,000. The van was damaged in a fire (a federally-declared disaster) in 2020. The FMV
Stella, single, owned a personal-use van that she bought for $20,000. The van was damaged in a fire (a federally-declared disaster) in 2020. The FMV of the van before the fire was $35,000, and the FMV after the fire is $8,000. Stella received $3,000 from her insurance company as a result of the loss. What amount, if any, can Stella deduct in 2020 as a result of the loss?
Stella\'s 2019 AGI is $100,000 and her 2020 AGI is $150,000.
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Essentials of Business Law and the Legal Environment
Authors: Richard A. Mann, Barry S. Roberts
12th edition
9781305445734, 1305075439, 1305445732, 978-1305075436
