Question
For the tax year 2019 you had $10,000 in state income tax expense and $20,000 of home mortgage interest expense and itemized your deductions instead
During 2019, your vacation home located in a federally declared disaster area was partially destroyed. It had an adjusted basis of $50,000, a fair market value of $200,000 before the disaster and a fair market value after the disaster of $75,000. Insurance only paid $30,000 because of the high deductable. Your AGI for 2019 is $190,000. What is your casualty loss deduction for 2019?
On January 1, 2020 you invested $100,000 in an annuity that pays $13,500 on December 31 every year until you die. On the date you purchased the annuity the IRS table says you have 25 years left to live. When you receive your first payment on 12/31/2020, how much of the payment is taxable?.
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