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During the current year, Walter's residence had an adjusted basis of $150,000 and it was...

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Accounting

During the current year, Walter's residence had an adjusted basis of $150,000 and it was destroyed by a tornado. An appraiser valued the decline in market value at $175,000. Later in the current year, Walter received $130,000 from his insurance company for the property loss and did not elect to deduct the casualty loss in an earlier year. Walter's current year adjusted gross income was $60,000 and he did not have any casualty gains. What total amount can Walter deduct as a current year itemized deduction for casualty loss, after the application of the threshold limitations? Explain

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