Tim suffered greatly this year. In January, a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home.
Tim originally paid $27, 250 for the boat, but he was able to repair the damage for $7, 600.
Tim paid $16, 550 for the motorcycle, but it was worth $19, 050 before it was stolen.
Insurance reimbursed $1, 920 for the boat repairs and the cycle was uninsured. Calculate Tim's deductible casualty loss if his AGI is $50,000.
Calculate Tim's deductible casualty loss if his AGI is $150,000. How would you answer a.
if Tim received an additional $65,000 in interest from municipal bonds this year?