Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of...
Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of $20,000. Their insurance company reimbursed them for $8,000. The $12,000 unreimbursed amount is deductible as an itemized deduction.
True False
Grace has an AGI of $60,000 in 2017 and 2018. She makes cash contributions to public charities in the amount of $38,000 in 2017 and $35,000 in 2018. Her charitable contribution carryover to 2019 is:
A.
$5,000
B.
$1,000
C.
$0
D.
$4,000
Homework Answers
| MR & MRS Jones | ||||
| Itemized deduction: For Casualty loss | ||||
| Casualty loss can result from the damage ,destruction due to Flood,Fire,earthquake etc. | ||||
| TRUE | The unreimbursed amount is deductible as itemized deduction is (true) | |||
| Grace | ||||
| Charitable contribution deduction allowed 60% of AGI in 2018=($60000*60%)= | 36000 | |||
| Charitable contribution carryover 2018($38000-$36000) | 2000 | |||
| Charitable contribution deduction allowed 60% of AGI in 2019=($60000*60%)= | 36000 | |||
| Charitable contribution deduction 2019 | 35000 | (Fully) | ||
| Charitable contribution deduction carryover 2018 | 1000 | |||
| Total | 36000 | |||
| Ans (b) | Carryover charitable contribution for 2018 | 1000 | ||
| 1) | Charitable contribution can be carryover for 5 years. | |||
| 2) | Charitable contributed deduction is limited to 60% of AGM | |||
| 3) | Charitable contribution deduction of 60% is first adjusted for current year contribution payment. | |||
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