If rental property is completely destroyed, the amount of the loss is the adjusted basis of the property at the time of the destruction reduced by $100 and 10% of AGI.

Question

Quizplus · Accepted Answer

The $100 and 10% of AGI reduction applies to personal casualty losses, not to rental property losses. Rental property losses are generally calculated based on the adjusted basis without these reductions.

If Rental Property Is Completely Destroyed, the Amount of the Loss