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 $ 6,000 $ 5,000
Pool table 7,000 11,000
Flat-screen TV 700 2,500
Required:
Their homeowner's insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,700. Their AGI for 2020 was $60,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2020?
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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...
If this is personal casualty loss, it must exceed how much to be deductible? For any...
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....
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33. LO.3,4,8 Olaf lives in the state of Minnesota. In 2019, a tornado hit the area...
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Olaf lives in the state of Minnesota. In 2020, a tornado hit the area and damaged...
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...
Problem 7-38 (LO. 3, 4) Heather owns a two-story building. The building is used 40% for...
Problem 7-38 (LO. 3, 4)
Heather owns a two-story building. The building is used 40% for
business use and 60% for personal use. During 2020, a fire caused
major damage to the building and its contents. Heather purchased
the building for $800,000 and has taken depreciation of $100,000 on
the business portion. At the time of the fire, the building had a
fair market value of $900,000. Immediately after the fire, the fair
market value was $200,000. The insurance recovery...
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 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...
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....
Casualty 10-16 ness Casualty Loss: Business and Investment Property. H is a private detective. While Jouthing this year, his car was stolen. The car, which was used entirely for busi- ss was worth $7,000 and had an adjusted basis of $12,000. H received no insur- ance reimbursement for his car. Also this year, his office was the victim of arson. The fire destroyed only a painting that had a basis of $1,500 and was worth $3,000. u received a reimbursement...
33. LO.3, 4,8 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 Adjusted Basis Insurance Proceeds FMV before FMV after Item Home Auto $350,000 60,000 $500,000 40,000 $100,000 10,000 $280,000 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...
10-7 Casualty Losses. During the year, R had various losses. Explain whether each of the following would qualify as a casualty loss. Assume each occurred as a result of a federally declared disaster. a. Loss of stove due to electrical fire after a hurricane hit ground in Florida b. Damage to water pipes from a mudslide in Southern California c. Loss of tree from Dutch elm disease d. Ruined carpeting from clogged sewer line e. Television he dropped while moving...
33. LO.3,4,8 Olaf lives in the state of Minnesota. In 2019, a tornado hit the area and damaged his home and automobile. Applicable information is as follows: Adjusted Basis Insurance Proceeds Item FMV before FMV after Home Auto $350,000 60,000 $500,000 40,000 $100,000 10,000 $280,000 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 2018 tax return shows AGI...
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...
Problem 7-38 (LO. 3, 4)
Heather owns a two-story building. The building is used 40% for
business use and 60% for personal use. During 2020, a fire caused
major damage to the building and its contents. Heather purchased
the building for $800,000 and has taken depreciation of $100,000 on
the business portion. At the time of the fire, the building had a
fair market value of $900,000. Immediately after the fire, the fair
market value was $200,000. The insurance recovery...
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