Grant’s personal residence was completely destroyed by fire. He 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:

Cost basis $280,000
Value before casualty 250,000
Value after casualty –0–

What is Grant's allowable casualty loss deduction?

Complete question:

Grant’s personal residence was completely destroyed by fire. He 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:

Cost basis $280,000

Value before casualty 250,000

Value after casualty –0–

What is Grant's allowable casualty loss deduction?

a. $6,900

b. $6,500

c. $80,000

d. $0

e. $10,000

$0 is Grant's allowable casualty loss deduction

Explanation:

The proceeds received are $250,000.

Therefore, Grant has no casualty gain or a casualty loss.

You may opt to subtract the loss in the fiscal year immediately prior to the catastrophe whether you had a loss from a tragedy that was deemed federal occurring in an region that required public or private assistance (or both).

You can assert this tax without having to determine your deductions if you are eligible for a deduction on loss of death. You no longer intend to surpass 10% of your AGI, but you have now increasing the $100 per injury to $500 per injury.

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.  

the tool needs to needs to be used twice – once in order to find what type of people reside in a neighbourhood, and then to see the age groups of the people in the same neighbourhood.