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In 2022, Grants personal residence was completely destroyed by fire. Grant was insured for 100%...

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Accounting

In 2022, Grants personal residence was completely destroyed by fire. Grant 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 Grants allowable casualty loss deduction? What would Grants casualty loss deduction be if there were no insurance settlement proceeds and the loss was from a Federally declared disaster area?

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