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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Management And Cost Accounting
Authors: Charles T. Horngren, George Foster, Srikant M. Datar
3rd Edition
