In 2017,Grant's personal residence was completely destroyed by fire.Grant was insured for 100% 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?

A)$0
B)$6,500
C)$6,900
D)$10,000
E)$80,000

Question

In 2017,Grant's personal residence was completely destroyed by fire.Grant was insured for 100% 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?

A)$0 
B)$6,500 
C)$6,900 
D)$10,000 
E)$80,000

Quizplus · Accepted Answer

The Answer of In 2017,Grant's personal residence was completely destroyed by fire.Grant was insured for 100% 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?

A)$0 
B)$6,500 
C)$6,900 
D)$10,000 
E)$80,000

In 2017,Grant's Personal Residence Was Completely Destroyed by Fire