In the current year, Larry Jones was involved in a collision which totally destroyed his car. fte automobile, which cost $24,000 and had a fair market value of $10,200 right before the accident, was used solely for personal use. fte car had no value after the accident. Assuming that Larry had adjusted gross income of $70,000 and carried no collision insurance, what amount can he deduct as a net casualty loss for the year?

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The Answer of In the current year, Larry Jones was involved in a collision which totally destroyed his car. fte automobile, which cost $24,000 and had a fair market value of $10,200 right before the accident, was used solely for personal use. fte car had no value after the accident. Assuming that Larry had adjusted gross income of $70,000 and carried no collision insurance, what amount can he deduct as a net casualty loss for the year?

In the Current Year, Larry Jones Was Involved in a Collision