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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?

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