Question
Determine the net deductible casualty gain or loss for Lizs when her Adjusted Gross Income was $43,800 in 2017 before the following occurred: Asset Adj.
Determine the net deductible casualty gain or loss for Lizs when her Adjusted Gross Income was $43,800 in 2017 before the following occurred:
Asset | Adj. Basis | FMV Before | FMV After | Insurance Reimbursement |
X | $1,200 | 2000 | 500 | 450 |
Y | 14000 | 10000 | 1,700 | 1100 |
Z | 650 | 3000 | 1,700 | 585 |
X and Y were destroyed in the same casualty in May. Z was destroyed in a separate casualty in November.
All casualties were nonbusiness, personal-use property and none occurred in a federally declared disaster area.
What is the amount of the net deductible casualty gain or loss that should be reported on Lizs Schedule A, line 20?
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