In 2016, 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?

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The Answer of In 2016, 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?

In 2016, Grant's Personal Residence Was Completely Destroyed by Fire