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Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2016, which totally ruined the furniture
Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2016, which totally ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable. Their homeowner's insurance policy had a $10, 810 deductible for the personal property, which was deducted from their insurance reimbursement of $14, 350, resulting in a net payment of $3, 510. Their AGI for 2016 was $36, 250. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2016
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