Kat owns a small bungalow which is destroyed in a federally declared disaster in 2019. Kat is not insured for hurricane damage. The bungalow originally cost $22,000, but was worth $45,000 before the fire. Kat has $30,000 of adjusted gross income. How much can Kat claim as a casualty loss in her tax return? Explain.

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The Answer of Kat owns a small bungalow which is destroyed in a federally declared disaster in 2019. Kat is not insured for hurricane damage. The bungalow originally cost $22,000, but was worth $45,000 before the fire. Kat has $30,000 of adjusted gross income. How much can Kat claim as a casualty loss in her tax return? Explain.

Kat Owns a Small Bungalow Which Is Destroyed in a Federally