Question
Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2021, which was declared
Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2021, which was declared a federally designated disaster area. The flood damage ruined the furniture that was stored in their garage.
The Following items were completely destroyed and not salvageable:
Antique poster bed -Fair Market Value prior to Damage = $6,000 - Original item cost = $5,000 Pool Table - FMV = 7,000 - OiC= 11,000 Large Flat Screen Tv - FMV = 700 - OiC = 2,500
Their homeowners insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,700. Their AGI for 2021, was $60,000.
WHAT IS THE AMOUNT OF CASUALTY LOSS THAT REYNALDO AND SONYA CAN CLAIM ON THEIR JOINT RETURN FOR 2021???
3. Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2021 , which was declared a federally designated disaster area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvacanhi.. Their homeowner's insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,700. Their AGI for 2021 was $60,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2021Step by Step Solution
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