In 2012, Grant's personal residence was damaged by fire.Grant was insured for 90% of his actual loss, and he received the insurance settlement.Grant had adjusted gross income, before considering the casualty item, of $30,000.Pertinent data with respect to the residence follows: What is Grant's allowable casualty loss deduction?

Question

In 2012, Grant's personal residence was damaged by fire.Grant was insured for 90% of his actual loss, and he received the insurance settlement.Grant had adjusted gross income, before considering the casualty item, of $30,000.Pertinent data with respect to the residence follows:  What is Grant's allowable casualty loss deduction?

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The Answer of In 2012, Grant's personal residence was damaged by fire.Grant was insured for 90% of his actual loss, and he received the insurance settlement.Grant had adjusted gross income, before considering the casualty item, of $30,000.Pertinent data with respect to the residence follows:  What is Grant's allowable casualty loss deduction?

In 2012, Grant's Personal Residence Was Damaged by Fire