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During the current year, Chuck's home was burglarized. Chuck had the following items stolen and never recovered: Collector's coins worth $20,000. Chuck purchased the coins
During the current year, Chuck's home was burglarized. Chuck had the following items stolen and never recovered: Collector's coins worth $20,000. Chuck purchased the coins 10 years ago for $12,000. A painting worth $10,000. Chuck purchased the painting 2 years ago for $12,000. An antique vase worth $800. Chuck purchased the vase 5 years ago for $500. Chuck's homeowner's insurance policy had a $20,000 deductible clause for thefts and only reimbursed Chuck $2,500. Chuck's AGI for the year is $50,000. a. What is the amount of the loss for each item? b. What is Chuck's personal casualty itemized deduction
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