Multiple Choice
Wesley completely demolished his personal automobile in a car accident.Damage to the auto was estimated at $35,000.Wesley had purchased the car a few years ago for $60,000.He received an insurance reimbursement of $28,000.His adjusted gross income this year was $55,000 and he incurred no other losses during the year.What amount can he deduct as a casualty loss on his income tax return after limitations?
A) $1,400
B) $1,500
C) $6,900
D) $7,000
Correct Answer:
Verified
Correct Answer:
Verified
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