Question
John's apartment was broken into in 2015 and the following items were stolen: Securities worth $25,000. John purchased the securities four years ago for $20,000.
John's apartment was broken into in 2015 and the following items were stolen: Securities worth $25,000. John purchased the securities four years ago for $20,000. New tools which John had purchased two weeks earlier for $8,000. John uses the tools in making repairs at an apartment house that he owns and manages. An antique worth $15,000. John inherited the antique (a family keepsake) when the property was worth $11,000. Johns homeowners policy had a $50,000 deductible clause for thefts. If Johns salary for the year is $50,000, determine the amount of his itemized deductions as a result of the theft.
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