What is cindy deductible casualty loss, Accounting Basics

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What is cindy deductible casualty loss

Question: Cindy was involved in a car accident in 2023 (not a federally declared disaster area). Her car, which was used only for personal use and had a fair market value of $10,000 and an adjusted basis of $15,000, was completely destroyed. She received $5,000 from her insurance company. Her AGI for 2023 is $30,000. What is Cindy's deductible casualty loss? Group of answer choices $5,000 $10,000 $1900 $0

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