Question
Alicias automobile destroyed in a tornado on 5/4/2022. This did not occur in a Federally declared disaster area. Her car was used 70% for business
Alicias automobile destroyed in a tornado on 5/4/2022. This did not occur in a Federally declared disaster area. Her car was used 70% for business and 30% for personal use. The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If her AGI is $50,000 (before considering the loss), determine her AGI and itemized deduction for the casualty loss.
$30,000;$-0- | ||
$34,000;$-0- | ||
$34,000;$4,500 | ||
$26,000;$5,700 | ||
None of these |
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