s Olaf lives in the state of Minneso his home and automobile. Applicable information is as follows: maged Decisio Critical Adjusted Insurance FMV before FMV after Proceeds $100,000 $280,000 20,000 Basis ltem $500,000 40,000 Home $350,000 60,000 10,000 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 2017 tax return shows AGI of $180,000 and taxable income of $140,000. In 2018, their return shows AGI of 0 and taxable income (exclusive of the casualty loss deduction) of $215,000. etermine the amount of Olaf and Anna's loss and the year in which they should take the loss