Answered step by step
Verified Expert Solution
Question
1 Approved Answer
63. Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2020, which was
63. Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2020, which was declared a federally designated disaster area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Flat-screen TV FMV Just Prior to Damage Original Item Cost $6,000 $ 5,000 7,000 11,000 700 2,500 Their homeowner's insurance policy had a $10.000 deductible for the personal property, which was deducted from their insurance reimbursement of $12.700, resulting in a net payment of $2,700. Their AGI for 2020 was $60,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started