During the year, Megan's personal summer home was almost completely destroyed by a fire started in a work room. She had adjusted gross income of $110,000 in 2015 and related data with respect to the summer home follows: Megan was partially insured for the loss and in 2015 she received a $100,000 insurance settlement. What is Megan's allowable casualty loss deduction for 2015?
A) $9,900.
B) $20,900.
C) $35,900.
D)$55,000.

Question

During the year, Megan's personal summer home was almost completely destroyed by a fire started in a work room. She had adjusted gross income of $110,000 in 2015 and related data with respect to the summer home follows:  Megan was partially insured for the loss and in 2015 she received a $100,000 insurance settlement. What is Megan's allowable casualty loss deduction for 2015?
A) $9,900. 
B) $20,900. 
C) $35,900. 
D)$55,000.

Quizplus · Accepted Answer

The Answer of During the year, Megan's personal summer home was almost completely destroyed by a fire started in a work room. She had adjusted gross income of $110,000 in 2015 and related data with respect to the summer home follows:  Megan was partially insured for the loss and in 2015 she received a $100,000 insurance settlement. What is Megan's allowable casualty loss deduction for 2015?
A) $9,900. 
B) $20,900. 
C) $35,900. 
D)$55,000.

During the Year, Megan's Personal Summer Home Was Almost Completely