Question
While Maddie from (New Jersey USA) was on vacation during the current year, someone broke into her home and stole the following items: A computer
While Maddie from (New Jersey USA) was on vacation during the current year, someone broke into her home and stole the following items:
A computer used 60% in connection with Maddie as an employee and 40% for her personal use. The cost of the computer was $8,000. Depreciation of $3,000 had been taken on the computer and it had a fair market value of $4,000 at the time of the theft.
A painting that Maddie purchased as an investment for $10,000 had a fair market value of $17,000.
Silverware purchased for $3,000 had a fair market value of $5,000.
Cash of $30,000. Maddies adjusted gross income, before considering any of these items, is $60,000.
Determine the total amount of her itemized deductions resulting from the theft
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