What is harris allowable casualty loss deduction


Harris had adjusted gross income in 2011 of $130,000. During the year his personal summer home was almost completely destroyed by a cyclone. Pertinent data with respect to the home follows:

Cost basis
$139,000

Value before casualty
145,000

Value after casualty
13,000

Harris was partially insured for his loss and in 2011 he received a $115,000 insurance settlement. What is Harris' allowable casualty loss deduction for 2011?

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Accounting Basics: What is harris allowable casualty loss deduction
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