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Determine joseph agi and the casualty loss deduction

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Problem - Joseph, single and age 29, reports the following items for 2019:

Salary $75,000

Casualty loss on business property $4,000

Casualty loss on rental property $10,000

Federal disaster area personal casualty gains $6,000

Federal disaster area personal casualty losses (after $100 floor) $22,000

Interest expense and taxes on personal residence $11,700

Required - Determine Joseph's (1) AGI and (2) the casualty loss deduction from AGI for 2019, assuming floor of 10%.

Reference no: EM132945104

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