Question
The Wildes' home was damaged by a severe storm . The home had been purchased in 2000 for $73,000, excluding the cost of the land
The Wildes' home was damaged by a severe storm . The home had been purchased in 2000 for $73,000, excluding the cost of the land . The building 's FMV just be fore the storm was $97,000, and it FMV after the storm was estimated at $79,000. The Wiles' collected $15,000 in insurance proceeds and their AGI is $ 22,000 This was their only casualty loss during the year.
Determine the Amount that the Wildes' can report as a casualty loss deduction? This is in the year 2018.
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Auditing The Art And Science Of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser-Hogeterp
11th Edition
0132088061, 978-0132088060
