Jane had AGI of $70,000 in 2020. During the year, her personal winter cabin was damaged by a fire. Pertinent data with respect to the cabin follows: Cost basis $300,000 Value before the fire 450,000 Value after the fire 125,000 Insurance recovery 350,000 What is Jane's itemized casualty loss deduction?
Jane had AGI of $70,000 in 2020. During the year, her personal winter cabin was damaged by a fire. Pertinent data with respect to the cabin follows: Cost basis $300,000 Value before the fire 450,000 Value after the fire 125,000 Insurance recovery 350,000 What is Jane's itemized casualty loss deduction?
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 55P
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Jane had AGI of $70,000 in 2020. During the year, her personal winter cabin was damaged by a fire. Pertinent data with respect to the cabin follows:
Cost basis $300,000
Value before the fire 450,000
Value after the fire 125,000
Insurance recovery 350,000
What is Jane's itemized casualty loss deduction?
B)
Hannan lives and works in Pittsburgh. He travels to Montecito for eight days. If six days are spent on business and two days are spent on sightseeing and visiting relatives, only 75% of the airfare is deductible.
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