Question
Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2014, which totally ruined the furniture
Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2014, which totally ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable. Damaged Items Fair Market Value Just Prior to Damage Original Item Cost (Basis) Antique poster bed $ 6,000 $ 5,000 Pool table 3,000 4,800 Large screen TV 400 1,400 Their homeowner's insurance policy had a $6,700 deductible for the personal property, which was deducted from their insurance reimbursement of $8,400, resulting in a net payment of $1,700. Their AGI for 2014 was $42,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2014?
Casualing loss deduction:_____
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