Ron and Willies home was damaged by a flood this year that is part of...
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Ron and Willies home was damaged by a flood this year that is part of a federally-declared disaster area. The fair market value of the home before the flood was $300,000 and was $180,000 after the flood. Their flood insurance on the property reimbursed them $50,000 for this damage since this was the maximum allowed under the policy. Ron and Willie had purchased the home 10 years ago for $200,000. Their adjusted gross income for the year is $ 150,000. What is their casualty loss deduction after all reductions are considered? $54,900 $55,000 $120,000 $200,000
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