Question
Henrys adjusted gross income is $50,000 in 2018. He donated a piece of artwork with a basis of $10,000 and a fair market value (FMV)
Henrys adjusted gross income is $50,000 in 2018. He donated a piece of artwork with a basis of $10,000 and a fair market value (FMV) of $25,000. He has owned the artwork for 10 years. The charity that Henry donated the artwork to is a public charity and will display the art work in its art center. What is the maximum charitable deduction in 2018 that Henry can take?
a.$0.
b.$10,000.
c.$15,000.
d.$25,000.
Diego has AGI of $125,000 before considering his $50,000 loss from rental property, which he actively manages. How much of the rental loss can Anthony deduct this year?
A) $10,000
B) $12,500
C) $25,000
D) $40,000
Charlotte sustained a $5,000 casualty loss due to a severe storm. She also incurred a $1,500 loss from a theft in the same year. Both the casualty and theft involved personal-use property. The losses were not due to her area being declared a Federal Disaster Area. Charlotte's AGI for the year is $26,000 and she does not have insurance coverage. Charlotte's deductible casualty loss for 2018 is
A) $0.
B) $2,200.
C) $2,600.
D) $4,800.
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