Question

A list of the items that Faith sold and the losses she incurred during the current tax year is as follows:

Yellow, Inc. stock $1,600 Faith's personal use SUV 8,000 Faith's personal residence 10,000 City of Newburyport bonds 900

She also had a theft loss of $1,500 on her uninsured business use car.

Calculate Faith's deductible loss (before any limitations). $

Answer 1

solution, calculate is deductible losses (before any' limitations). particulars Amount $ $1600 $1500 LOSS on sale of yellow Inc Stock Theft loss of uninsured business use car Loss on sale of city of New burryport bonds $ 900 Deductible loss 4000 Notes Expenditures that are incurred in one's personal life are not deductible unless a Specific code Section authorizes the deduction. faith's personal use sur ($8000) and faith's personal residence ($10000) are not deductible.