Reynaldo and sonya a married couple had flood damage in


Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2015, which totally ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Fair Market Value Just Prior to Damage Original Item Cost (Basis) Antique poster bed $ 6,240 $ 5,200 Pool table 3,100 5,000 Flat screen TV 600 2,100 Their homeowner's insurance policy had a $7,100 deductible for the personal property, which was deducted from their insurance reimbursement of $8,900, resulting in a net payment of $1,800. Their AGI for 2015 was $44,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2015?

Request for Solution File

Ask an Expert for Answer!!
Financial Management: Reynaldo and sonya a married couple had flood damage in
Reference No:- TGS01709271

Expected delivery within 24 Hours