What is the amount of allowable casualty and theft loss, Taxation

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What is the amount of allowable casualty and theft loss

Problem: A taxpayer loses a home during a hurricane in an area declared as a federal disaster area under the Stafford Act. The FMV of the home was $250,000 before the storm and $150,000 after. They received an insurance reimbursement of $75,000. The taxpayer's adjusted basis in the property was $200,000. Their AGI is $85,000. What is the amount of allowable casualty and theft loss for TY2022?

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Taxation: What is the amount of allowable casualty and theft loss

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