What is the allowable casualty loss deduction


in 2011 the chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area they had AGI of $110,000 in 2011 the following information relates to the craft:
cost basis 95,000
FMV before casualty 145,000
FMV after casually 25,000
the chens had insurance and received an $80,000 insurance settlement what is the allowable casualty loss deduction for the chens in 2011?

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Accounting Basics: What is the allowable casualty loss deduction
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