Casualty loss amount-deduct on return, Accounting Basics

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Casualty loss amount-deduct on return

Gabriel has AGI of $100,000 in 2013. During 2013, Gabriel also had an uninsured personal casualty loss of $15,000 (after the $100 reduction). The personal casualty loss related to an accident that Gabriel had with Jose. Gabriel carried no collision insurance and Jose was also an uninsured motorist. Assume Gabriel itemizes deductions in 2013. What is the casualty loss amount that Gabriel may deduct on his return?

a. $0

b. $5,000

c. $10,000

d. $15,000

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Accounting Basics: Casualty loss amount-deduct on return

Reference No:- TGS038816

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Casualty loss amount-deduct on return

Reference No:- TGS038816

Recent Questions Asked Accounting Basics

Q : Amount of income-tax return from transactions

Q : Potential deductions resulting from bonus deprecation

Q : Determining the cost of debt of company

Q : Explain which is higher in equilibrium

Q : Casualty loss amount-deduct on return

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