Author Question: Constance, who is single, is in an automobile accident in 2016, and her car sustains $6,200 in ... (Read 39 times)

Awilson837 · **on:** Sep 13, 2020

Question 1

A flood damaged an auto owned by Mr. and Mrs. South on June 15 of this year. The car was only used for personal purposes.

Based on these facts, what is the amount of the South's casualty loss deduction after limitations for this year?
◦ $900
◦ $1,000
◦ $4,400
◦ $4,500

Question 2

Constance, who is single, is in an automobile accident in 2016, and her car sustains $6,200 in damages. Constance does not expect to recover any of the loss from her insurance company. Constance's 2016 AGI is $31,000. Her casualty loss is $3,000; she has other itemized deductions of $1,200. In 2017, Constance's insurance company reimburses her $2,800. Constance's 2017 AGI is $28,000. As a result, Constance must
◦ amend the 2017 return to show the $200 loss.
◦ do nothing and simply keep the $2,800.
◦ amend the 2016 return to show $0 loss and file her 2017 return to show $200 loss.
◦ do nothing to the 2016 return but report $2,800 of income on her 2017 return.

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

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