Determine the casualty loss amount


John has AGI of $150,000 in 2013. During 2013, John also had an uninsured personal casualty loss of $20,000 (after the $100 reduction). The personal casualty loss related to an accident that John had with Andrew. John carried no collision insurance and Andrew was also an uninsured motorist. Assume John itemizes deductions in 2013. What is the casualty loss amount that John may deduct on his return?

a. $0

b. $5,000

c. $10,000

d. $20,000

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Accounting Basics: Determine the casualty loss amount
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