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Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2021 is $37,000. Belinda's tentative casualty loss before any limitations. Is her loss currently deductible?
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Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal...
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