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. In 20X6, Woods residence had an adjusted basis of $150,000 and it was destroyed...

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Accounting

. In 20X6, Woods 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 that same year, Wood received $130,000 from his insurance company for the property loss and did not elect to deduct the casualty loss in an earlier year. Woods 20X6 adjusted gross income was $60,000 and he did not have any casualty gains. What total amount can Wood deduct as a 20X6 itemized deduction for the casualty loss, after the application of the threshold limitations?

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