During 2020, Pam incurred the following casualty losses B Click the icon to view the casualty losses.) Click the icon to view additional information.) Requirement Compute Pam's taxable income for 2020. Pam is single. (Click the icon to view the 2020 standard deduction amounts.) Complete the first portion of the analysis to determine the net loss on business property. In the following step, complete the analysis to determine the net loss on nonbusiness property. (Enter a loss with a minus sign or parentheses.) Asset FMV Before FMV After Basis Insurance Casualty Gain (Loss) i Data Table Business 1 $ 18,000 $ OS 15,000 $ 4,000 Business 2 25,000 10,000 8,000 3,000 Business 3 20,000 0 18,000 19,000 Asset FMV Before FMV After Basis Insurance Net loss on business property Business 1 S 18,000 $ 0$ 15,000 $ 4,000 Business 2 25,000 10,000 - X 8,000 3,000 0 More Info Business 3 20,000 0 18,000 19.000 Personal 1 12,000 0 20,000 2,000 Personal 2 8,000 5,000 10,000 0 All of the items were destroyed in the same casualty, which resulted from a federally declared disaster. Before considering the casualty items, Pam reports business income of $80,000, qualified residential interest of $6,000, property taxes on her personal residence of $2,000, and charitable contributions of $4,000. Personal 3 9,000 0 6,000 8,000 Print Done Check A Print Done STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 24,800 Heads of households $ 18,650 Unmarried individuals (other than surviving spouses and heads of households) $ 12,400 Married individuals filing separate returns $ 12,400 Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,300* Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650* Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) S1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. During 2020, Pam incurred the following casualty losses B Click the icon to view the casualty losses.) Click the icon to view additional information.) Requirement Compute Pam's taxable income for 2020. Pam is single. (Click the icon to view the 2020 standard deduction amounts.) Complete the first portion of the analysis to determine the net loss on business property. In the following step, complete the analysis to determine the net loss on nonbusiness property. (Enter a loss with a minus sign or parentheses.) Asset FMV Before FMV After Basis Insurance Casualty Gain (Loss) i Data Table Business 1 $ 18,000 $ OS 15,000 $ 4,000 Business 2 25,000 10,000 8,000 3,000 Business 3 20,000 0 18,000 19,000 Asset FMV Before FMV After Basis Insurance Net loss on business property Business 1 S 18,000 $ 0$ 15,000 $ 4,000 Business 2 25,000 10,000 - X 8,000 3,000 0 More Info Business 3 20,000 0 18,000 19.000 Personal 1 12,000 0 20,000 2,000 Personal 2 8,000 5,000 10,000 0 All of the items were destroyed in the same casualty, which resulted from a federally declared disaster. Before considering the casualty items, Pam reports business income of $80,000, qualified residential interest of $6,000, property taxes on her personal residence of $2,000, and charitable contributions of $4,000. Personal 3 9,000 0 6,000 8,000 Print Done Check A Print Done STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 24,800 Heads of households $ 18,650 Unmarried individuals (other than surviving spouses and heads of households) $ 12,400 Married individuals filing separate returns $ 12,400 Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,300* Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650* Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) S1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind
