Deductible casualty loss for each casualty event =
A. change in FMV - $100 - 10% AGI
B. change in FMV - 10% AGI
C. adjusted basis - insurance recovery - $100 - 10% AGI
D. the lessor of adjusted basis or the difference between FMV of property immediately before and FMV immediately after - insurance recovery - $100 - 10% AGI
Answer: D.
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Standard and Itemized Deduction
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- Interest on up to $X ($Y MFS) of acquisition indebtedness (a loan/mortgage incurred to buy, build, improve a principal and second home) is deductible as qualified residence interest. What is X and Y?
- Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for 2 qualified married taxpayer?
- Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for 1 qualified married taxpayer?
- Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for single taxpayer?