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Business, 24.03.2020 20:42, AnnaValentine2764
The Ottomans own a winter cabin in Durango, Colorado. They purchased the cabin in 2004 for $65,000. During the current year, a blizzard partially destroys the cabin. The fair market value of the cabin after the blizzard is $70,000. The insurance company estimates that the cost of repairing the cabin will be $40,000. The insurance company will reimburse the Ottomans for 70% of the repair cost. What can they deduct as a casualty loss if their adjusted gross income for the year is $80,000? Assume they are not in a federally declared disaster zone.
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The Ottomans own a winter cabin in Durango, Colorado. They purchased the cabin in 2004 for $65,000....
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