Author Question: Hope sustained a $3,600 casualty loss due to a severe storm. She also incurred a $800 loss from a ... (Read 45 times)

audragclark · **on:** Sep 13, 2020

Question 1

Daniel's cabin was destroyed in a massive tornado in 2016. After consideration of insurance, he has a loss of $15,000. The President of the United States has declared the area a disaster area. Daniel can deduct this loss in
◦ 2015.
◦ 2016.
◦ 2017.
◦ either 2015 or 2016.

Question 2

Hope sustained a $3,600 casualty loss due to a severe storm. She also incurred a $800 loss from a theft in the same year. Both the casualty and theft involved personal-use property. Hope's AGI for the year is $25,000 and she does not have insurance coverage. Hope's deductible casualty loss is
◦ $1,700.
◦ $1,800.
◦ $4,200.
◦ $4,300.

Fayaz00962 · **Reply #1 on:** Sep 13, 2020

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