Author Question: In February 2016, Amelia's home, which originally cost $150,000, is damaged by a windstorm. Amelia ... (Read 83 times)

stock · **on:** Sep 13, 2020

In February 2016, Amelia's home, which originally cost $150,000, is damaged by a windstorm. Amelia had refinanced the home shortly before the storm, and it was appraised at $200,000. After the storm, the home appraised at $120,000. Amelia has received no insurance reimbursement by December 31, but expects to recover 90 percent of the loss. In the subsequent year, the insurance company pays Amelia $50,000. Amelia's AGI is $85,000 in 2016, and her 2017 AGI is $80,000. Amelia suffers no other casualty losses in either year. Amelia may deduct
◦ $7,900 in 2016.
◦ $22,000 in 2017.
◦ $13,900 in 2017.
◦ $14,000 in 2017.

samiel-sayed · **Reply #1 on:** Sep 13, 2020

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