Question
Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim
Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid $22,250 for the boat, but he was able to repair the damage for $6,500. Tim paid $19,800 for the motorcycle, but it was worth $22,200 before it was stolen. Insurance reimbursed $1,190 for the boat repairs and the cycle was uninsured. |
a. | Calculate Tim's deductible casualty loss if his AGI is $50,000. |
Deductible casualty loss_____
b. | Calculate Tim's deductible casualty loss if his AGI is $150,000. |
Deductible casualty loss_____
c. | How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year? |
Deductible casualty loss_____
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