Stella, single, owned a personal-use van that she bought for $20,000. The van was damaged in...
Stella, single, owned a personal-use van that she bought for $20,000. The
van was damaged in a fire (a federally-declared disaster) in 2020. The FMV of
the van before the fire was $35,000, and the FMV after the fire is $8,000.
Stella received $3,000 from her insurance company as a result of the loss.
What amount, if any, can Stella deduct in 2020 as a result of the loss?
Stella's 2019 AGI is $100,000 and her 2020 AGI is $150,000.
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Stella, single, owned a personal-use van that she bought for
$20,000. The
van was damaged in...
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Basis
FMV
before
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after
Insurance
Proceeds
Home
$350,000
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Auto
60,000
40,000
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Olaf lives in the state of Minnesota. In 2020, a tornado hit the
area and damaged his home and automobile. Applicable information is
as follows:
Item
Adjusted
Basis
FMV
before
FMV
after
Insurance
Proceeds
Home
$350,000
$500,000
$100,000
$280,000
Auto
60,000
40,000
10,000
20,000
Because of the extensive damage caused by the tornado, the
President designated the area a Federal disaster area.
Olaf and his wife, Anna, always file a joint return. Their 2019
tax return shows AGI of $180,000...
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?
A tornado damaged Louise's home on August 17, this year. The tornado was a federally declared disaster. To restore the destroyed property she paid the following amounts: $80,000 to repair the damage to the house....
explain please
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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...
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