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What the letterman casualty loss deduction

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Question - Letterman was involved in an ATV accident in 2020. His ATV, which was used only for personal use and had a fair market value of $21,000 and an adjusted basis of $20,000, was completely destroyed. He received $8,000 from his insurance company. His AGI for 2020 is $39,000. What the Letterman's casualty loss deduction (after any limitations)?

Reference no: EM132998052

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