Reference no: EM13293043
During the current year, Jacob's personal residence and some of the contents were damaged by a fire. Information regarding the home and contents is includes:
Asset Adjusted Basis FMV Before FMV After Insurance Recovery
Home $200,000 $600,000 $300,000 $150,000
Contents $100,000 $80,000 $50,000 $10,000
In a separate incident, Jacob had a car accident. The car had originally cost Jacob $25,000. At the time of the accident, the car was worth $50,000. After the accident, the car was worth only $5,000. Because the car was a collector's item, Jacob paid $40,000 to have it restored.
The car was not insured at the time of the accident.
• If Jacob's AGI is $90,000 before considering the above events, determine the amount of his deductible loss.
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