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Determine danny deductible casualty loss

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Reference no: EM132544630

Question - In January, a flood which was declared a federal disaster, damaged Danny's carpeting and furniture. In March, his golf cart was damaged in an accident when it was hit by a car. He was able to establish the following information to determine his losses on these assets. Asset FMV before casualty FMV after casualty Insurance recovery Cost Date purchased Carpet $5,600 $1,100 $2,000 $6,000 10 months ago Furniture 5,500 1,500 3,200 3,000 11 years ago Golf Cart 6,500 2,000 1,500 7,000 8 months ago Danny's AGI is $32,000 before considering these casualties and he has $12,000 of other itemized deductions. Determine Danny's deductible casualty loss for 2019.

Reference no: EM132544630

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