Henry owns a home that was destroyed by a hurricane that was a federally declared disaster area. Can he deduct the cost...
Henry owns a home that was destroyed by a hurricane that was a federally declared disaster area. Can he deduct the cost of electricity needed to run the dehumidifiers to restore his property on federal taxes? Name the code section or court case that backs up your decision.
Homework Answers
Yes the deduction can be made under federal taxes. Under casualty, Disaster and theft losses the owner can claim deduction for the repairs he has done because of the natural disaster and using dehumidifiers can be considered as repairs for the property. Therefore cost of electricity can be claimed as deduction under the federal laws.
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[The following information applies to the questions
displayed below.]
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December 31, 2019
To the friendly student tax preparer:
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Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3)
[The following information applies to the questions
displayed below.]
Read the following letter and help Shady Slim with his tax
situation. Please assume that his gross income is $172,900 (which
consists only of salary) for purposes of this problem.
December 31, 2019
To the friendly student tax preparer:
Hi, it’s Shady Slim again. I just got back from my 55th birthday
party, and I’m told that you need some more information...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
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