I need these two questions to be answered. Please, no plagiarism as there are many answers to these questions online and the answers are wrong. Thank you.

1. On the night of October 14, 20X14, a hurricane caused serious damage to Paiges personal vehicle and to the roof of her personal residence, a townhome. Just prior to the hurricane, Paige had a $200,000 basis in her home and a $12,000 basis in her vehicle, which had a fair market value just prior to the hurricane of $10,000. The damage to the roof is appraised at $7,000 and the fair market value of the vehicle immediately after the hurricane is appraised at $5,000. Paige is uninsured and has a 20X14 AGI of $40,000. What amount of casualty loss deduction may Paige claim on her 20X14 tax return as a result of the hurricane?

$9,900

$7,800

$7,900

$9,800

2. In Year 1 Jorge buys a home for $200,000, making a down payment of $40,000 and taking out a loan from the bank for $160,000 to finance the balance. In Year 5 the remaining loan balance is $130,000 while the home has increased in value to $270,000. Jorge refinances with a loan company that agrees to lend 125% of the value of the home, or $337,500, using $130,000 to repay the bank loan and providing $207,500 in cash. Jorge immediately spends $10,000 of the cash on a lavish vacation to the Bahamas, and $20,000 to pay down credit cards. How much of the $337,500 home equity loan balance is allowable for calculating the home mortgage interest deduction on Jorges Year 5 tax return?

$270,000

$240,000

$230,000

$220,000