In 2018, Grant's personal residence was completely destroyed by fire.Grant was insured for 100% of his actual loss, and he received the insurance settlement.Grant had adjusted gross income, before considering the casualty item, of $30,000.Pertinent data with respect to the residence follows: What is Grant's allowable casualty loss deduction?
A)$0
B)$6,500
C)$6,900
D)$10,000
E)$80,000

Question

In 2018, Grant's personal residence was completely destroyed by fire.Grant was insured for 100% of his actual loss, and he received the insurance settlement.Grant had adjusted gross income, before considering the casualty item, of $30,000.Pertinent data with respect to the residence follows:  What is Grant's allowable casualty loss deduction?
A)$0 
B)$6,500 
C)$6,900 
D)$10,000 
E)$80,000

Quizplus · Accepted Answer

The Answer of In 2018, Grant's personal residence was completely destroyed by fire.Grant was insured for 100% of his actual loss, and he received the insurance settlement.Grant had adjusted gross income, before considering the casualty item, of $30,000.Pertinent data with respect to the residence follows:  What is Grant's allowable casualty loss deduction?
A)$0 
B)$6,500 
C)$6,900 
D)$10,000 
E)$80,000

In 2018, Grant's Personal Residence Was Completely Destroyed by Fire