In February 2015,Amelia's home,which originally cost $150,000,is damaged by a windstorm.Amelia had refinanced the home shortly before the storm,and it was appraised at $200,000.After the storm,the home appraised at $120,000.Amelia has received no insurance reimbursement by December 31,but expects to recover 90 percent of the loss.In the subsequent year,the insurance company pays Amelia $50,000.Amelia's AGI is $85,000 in 2015,and her 2016 AGI is $80,000.Amelia suffers no other casualty losses in either year.Amelia may deduct

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The Answer of In February 2015,Amelia's home,which originally cost $150,000,is damaged by a windstorm.Amelia had refinanced the home shortly before the storm,and it was appraised at $200,000.After the storm,the home appraised at $120,000.Amelia has received no insurance reimbursement by December 31,but expects to recover 90 percent of the loss.In the subsequent year,the insurance company pays Amelia $50,000.Amelia's AGI is $85,000 in 2015,and her 2016 AGI is $80,000.Amelia suffers no other casualty losses in either year.Amelia may deduct

In February 2015,Amelia's Home,which Originally Cost $150,000,is Damaged by a Windstorm.Amelia