Olaf lives in the state of Minnesota. In 2020, 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 Federal disaster area.

Olaf and his wife, Anna, always file a joint return. Their 2019 tax return shows AGI of $180,000 and taxable income of $145,000. In 2020, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $225,000.

Assume the taxpayers are in the 22% tax bracket in 2019 and the 24% tax bracket in 2020.

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

Item Amount of Loss Home $ Auto Total loss $ E Less: statutory floor amount Loss before statutory % of AGI Amount of loss on last year's return: Loss $ Less: statutory % of AGI Total loss Amount of loss on current year's return: Loss $ Less: statutory % of AGI IO Total loss $