Question
In 2019, Mary had the following items: Salary $30,000 Personal use casualty gain 10,000 Personal use casualty loss (after $100 floor) 17,000 Business Casualty Loss
In 2019, Mary had the following items:
Salary $30,000
Personal use casualty gain 10,000
Personal use casualty loss (after $100 floor) 17,000
Business Casualty Loss 4,000
Other itemized deductions 21,000
Assuming that Mary files as head of household (has one dependent child), determine her taxable income for 2019. None of the casualty items relate to a Federally declared disaster area. What is Mary's casualty loss deduction?
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Financial Accounting
Authors: Anne Britton, Chris Waterston
5th edition
273719300, 273719304, 978-0273719304
