The Frazins had adjusted gross income of $140,000 in 2015. During the year, their principal residence was severely damaged by a house fire. The pertinent financial information is as follows: The Frazins had some insurance and in 2015 reached a settlement with the insurance company for $110,000 insurance settlement. What is their allowable casualty loss deduction for 2015?

Question

The Frazins had adjusted gross income of $140,000 in 2015. During the year, their principal residence was severely damaged by a house fire. The pertinent financial information is as follows:  The Frazins had some insurance and in 2015 reached a settlement with the insurance company for $110,000 insurance settlement. What is their allowable casualty loss deduction for 2015?

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The Answer of The Frazins had adjusted gross income of $140,000 in 2015. During the year, their principal residence was severely damaged by a house fire. The pertinent financial information is as follows:  The Frazins had some insurance and in 2015 reached a settlement with the insurance company for $110,000 insurance settlement. What is their allowable casualty loss deduction for 2015?

The Frazins Had Adjusted Gross Income of $140,000 in 2015