What is amount of the net deductible casualty gain or loss

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Reference no: EM131313037

Determine the net deductible casualty gain or loss for Jan Brady when her adjusted gross income was $43,000 in 2016 before the following occured:

Asset Adj. Basis FMV Before FMV After Insurance Reimbursement

A $1,200 $2,000 $500 $450

B $14,000 $10,000 $4,900 $1,100

C $500 $3,200 $1,700 $475

A and B were destroyed in the same casualty in March. C was destroyed in a seperate casualty in July.

All casualties were nonbusiness, personal-use property and none occured in a federally declared disaster area.

What is the amount of the net deductible casualty gain or loss that should be reported on Jan's Schedule A, line 20?

Reference no: EM131313037

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