Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Applicable information is as follows:

Item	Adjusted Basis		FMV before		FMV after		Insurance Proceeds
Home	$350,000		$500,000		$100,000		$280,000
Auto	60,000		40,000		10,000		20,000

Because of the extensive damage caused by the tornado, the President designated the area a disaster area.

Olaf and his wife, Anna, always file a joint return. Their 2014 tax return shows AGI of $180,000 and taxable income of $140,000. In 2015, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $215,000.

Determine the amount of Olaf and Anna's loss and the year in which they should take the loss.

Click here to access the 2015 tax rate schedule.

Home	$
Auto
Total loss	$
Less: statutory floor amount
Loss before statutory % of AGI	$

Amount of loss on last years return:
Loss	$
Less: statutory % of AGI
Total loss	$

Amount of loss on current year's return:
Loss	$
Less: statutory % of AGI
Total loss	$