39. Lucianna sustained a $10,000 casualty loss due to a severe storm. She also incurred a...
39. Lucianna sustained a $10,000 casualty loss due to a severe storm. She also incurred a $2,000 loss from a theft in the same year. Both the casualty and theft involved personal-use property. The losses were not due to her area being declared a Federal Disaster Area. Lucianna's AGI for the year is $32,000 and she does not have insurance coverage. Lucianna's deductible casualty loss for 2018 is
A) $0.
B) $2,200.
C) $2,600.
D) $4,800.
Homework Answers
Add Answer to:
39. Lucianna sustained a $10,000 casualty loss
due to a severe storm. She also incurred a...
Franca has AGI of $130,000 this year. After applying the $100 floor, she has $26,000 of...
Franca has AGI of $130,000 this year. After applying the $100 floor, she has $26,000 of federal disaster losses on personal assets, $12,000 of nonfederal casualty losses on personal assets, and $23,000 of personal casualty gains for the year. What is Franca's deductible casualty loss? a. $2,000 b. $15,000 c. $13,000 d. $0
Arturo, a calendar year taxpayer, paid $25,800 in medical expenses and sustained a $30,960 casualty loss...
Arturo, a calendar year taxpayer, paid $25,800 in medical expenses and sustained a $30,960 casualty loss in 2019 (the loss occurred in a Federally declared disaster area). He expects $18,060 of the medical expenses and $21,672 of the casualty loss to be reimbursed by insurance companies in 2020. How much can Arturo include in determining his itemized deductions for 2019? Disregard %-of-AGI limitations or casualty loss floor in determining your answers. Before considering any limitations (or reductions) on deductions, Arturo...
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....
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000....
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $______________ b....
In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss...
In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss and a $2,000 casualty gain. How much is John's net deductible casualty loss after making all appropriate reductions, assuming the casualty was associated with a federally declared disaster? a. $0 b. $2,900 c. $3,000 d. $7,900 e. $8,000
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 $ ...
1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of...
1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $190,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $475,000. The casualty loss was a personal loss, and the insurance recovered was $104,500 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $....
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes $15,575 7,200 1,400 State sales tax Real estate taxes Home mortgage interest 2,800 5,900 1,100 Credit card interest 2,400 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
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 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....
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes $15,575 7,200 1,400 State sales tax Real estate taxes Home mortgage interest 2,800 5,900 1,100 Credit card interest 2,400 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
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...
Most questions answered within 3 hours.
-
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 21 minutes ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 2 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 2 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 2 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 2 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 2 hours ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 2 hours ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 2 hours ago -
Let’s say that for some reason Bank Excess Reserves suddenly
increase sharply. What effect would this...
asked 3 hours ago -
Given:
Curent Assets: $600,000
Total Assets: $2,600,000
Current Liabilities: $500,000
Total Liabilities: $1,700,000
What is the...
asked 3 hours ago -
1. What is a “Bankster”? What is insider trading? Why is it
illegal?
2. What is...
asked 3 hours ago -
A transverse wave on a cord is given by
D(x,t)=0.18sin(2.7x−61.0t), where Dand x are in m...
asked 3 hours ago