The Goldsteins had adjusted gross income of $140,000 in 2016.During the year,their principal residence was severely damaged by a house fire.The pertinent financial information is as follows: The Goldsteins had some insurance and in 2016 reached a settlement with the insurance company for $110,000 insurance settlement.What is their allowable casualty loss deduction for 2016?

Question

The Goldsteins had adjusted gross income of $140,000 in 2016.During the year,their principal residence was severely damaged by a house fire.The pertinent financial information is as follows:  The Goldsteins had some insurance and in 2016 reached a settlement with the insurance company for $110,000 insurance settlement.What is their allowable casualty loss deduction for 2016?

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The Answer of The Goldsteins had adjusted gross income of $140,000 in 2016.During the year,their principal residence was severely damaged by a house fire.The pertinent financial information is as follows:  The Goldsteins had some insurance and in 2016 reached a settlement with the insurance company for $110,000 insurance settlement.What is their allowable casualty loss deduction for 2016?

The Goldsteins Had Adjusted Gross Income of $140,000 in 2016