Question

A tornado damaged Louises home on August 17, this year. The tornado was a federally declared disaster. To restore the destro
If this is personal casualty loss, it must exceed how much to be deductible? For any of his loss to be deductible it must be greater than? His deductible loss is? If the tornado caused 2000 additional damage to furniture, deductible casualty loss would be?
0 0
Add a comment Improve this question Transcribed image text
Answer #1

SOLUTION:-

The measure of the loss as the starting point of the solution is:-

Answer is highlighted in yellow: Solution: b. $70,000 Answer: 110) Explanation: $ Personal 70,000 90000 Adjusted Basis before

THANK YOU,If any queries please leave your valuable comment on comment box.

Add a comment
Know the answer?
Add Answer to:
If this is personal casualty loss, it must exceed how much to be deductible? For any...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • What is the amount of casualty loss

    Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2020, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items              FMV Just Prior to Damage                   Original Item Cost Antique poster bed $   ...

  • Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam...

    Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Flat-screen TV FMV Just Prior to Damage $6,000 7,000 700 Original Item Cost (Basis) $ 5,000 11,000 2,500 Required: Their homeowner's insurance...

  • Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam...

    Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Flat-screen TV FMV Just Prior to Damage $6,000 7,000 700 Original Item Cost (Basis) $ 5,000 11,000 2,500 Required: Their homeowner's insurance...

  • Assignment Instructions You must choose one question from Topic 1 (A or B) and one question from Topic 2 (C or D)....

    Assignment Instructions You must choose one question from Topic 1 (A or B) and one question from Topic 2 (C or D). You will be answering a total of two questions for this assignment. Topic 1: Choose to answer either question 1 or 2 Topic 2: Choose to answer either question 3 or 4 TOPIC 1 Questions: 1. Assume that the chance of loss is 3 percent for two different fleets of trucks. Explain how it is possible that objective...

  • art 1. Multinle Choics te questions worth 2 points each, 10 total points possible) dendor began...

    art 1. Multinle Choics te questions worth 2 points each, 10 total points possible) dendor began producing picture films in the current year. During the current year, he the following contributions to his business: mad Cash 15,000 ..30,000 uipment (adjusted basis to Condor).. (fair market value)... Loan from First Bank that he personally promised to repay.20,0 Loan from Second Bank for which he is not personally liable but that is secured by a mortgage on his home... 0,000 -Loan from...

  • 1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida,...

    1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida, recently suffered a fire at their home. The fire, which began in a crawl space at the back of the house, caused $50,000 of dam- age to the dwelling itself. Their ued at $20,000, was totally destroyed but did not contain a car at the time of the fire. Replacement of the Millers' personal property damaged in the home and garage amounted to $23,000....

  • Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...

    Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...

  • QUESTION 1 In a bailment for the sole benefit of the bailee, the bailor does not...

    QUESTION 1 In a bailment for the sole benefit of the bailee, the bailor does not need to notify the bailee of hidden defects in the bailed property that the bailor knows of. True False 2 points    QUESTION 2 Greenway Freight is transporting a load of furniture for Levitz from Chicago to   Portland. Greenway’s truck is damaged by a tornado. Much of the furniture is damaged as a result. Will Greenway be held liable to Levitz for damages? a....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT