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During 2017, Kyle, a single taxpayer, had an AGI of $90,000 before considering the following items: Loss from damage to rental property ($15,000) Loss from
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During 2017, Kyle, a single taxpayer, had an AGI of $90,000 before considering the following items:
Loss from damage to rental property
($15,000)
Loss from theft of bonds
(4,000)
Personal casualty gain
15,000
Personal casualty loss (after $100 floor)
(27,500)
Before considering the standard deduction, determine the amount of itemized deductions.
a. $3,000
b. $5,000
c. $9,000
d. $12,500
e. None of the above
During 2017, Kyle, a single taxpayer, had an AGI of $90,000 before considering the following items:
| Loss from damage to rental property | ($15,000) |
| Loss from theft of bonds | (4,000) |
| Personal casualty gain | 15,000 |
| Personal casualty loss (after $100 floor) | (27,500) |
Before considering the standard deduction, determine the amount of itemized deductions.
| a. | $3,000 | |
| b. | $5,000 | |
| c. | $9,000 | |
| d. | $12,500 | |
| e. | None of the above |
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