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QUESTION
Jim Jones had a deductible casualty loss of $10,000 on his 2010 tax return. His taxable income was $112,000 in 2010. In september of 2011, Jim is...
Jim Jones had a deductible casualty loss of $10,000 on his 2010 tax return. His taxable income was $112,000 in 2010. In september of 2011, Jim is reimbursed $5,000 for the prior year's casualty loss. He should include the $5,000 in gross income for 2011.
