A deduction from agi

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Belinda was involved in a boating accident in 2015. Her speedboat, which was used only for personal use and had a fair market value of $40,400 and an adjusted basis of $20,200, was completely destroyed. She received $14,140 from her insurance company. Her AGI for 2015 is $50,500.

Belinda's casualty loss deduction (after any limitations) is $ and is treated as a deduction from AGI

Reference no: EM13918566

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