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What is Norms deductible loss

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Question - Norm's car, which he uses 100% for personal purposes, was completely destroyed in an accident in 2019. The car's adjusted basis at the time of the accident was $13,000. Its fair market value was $10,000. The car was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because he feared that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,000 (before considering the loss). What is Norm's deductible loss?

a. $500

b. $100

c. $0

d. $9,500

e. None of these choices are correct.

Reference no: EM132531224

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