Question
During the current year, Chuck's home was burglarized. Chuck had the following item stolen and never recovered: - Collectors coins worth $20,000. Chuck purchases the
During the current year, Chuck's home was burglarized. Chuck had the following item stolen and never recovered:
- Collectors coins worth $20,000. Chuck purchases the coins 10 years ago for $12,000
- A painting worth $10,000. Chuck purchases the painting 2 years ago for $12,000
- An antique vase worth $800. Chuck purchases the vase 5 years ago for $500.
Chuck's homeowner's insurance policy has 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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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
3rd Edition
0894137409, 978-0894137402
