During the year, Marco’s house was destroyed by a hurricane…
During the year, Marco’s house was destroyed by a hurricane that devastated the Gulf coast. President Biden announced a federal disaster declaration for the whole area. He had a basis of $150,000 but the insurance adjuster determined the decline in value was $175,000. He received $130,000 in insurance proceeds. His AGI was $60,000 for this year. How much can Marco deduct for a casualty loss?
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