Itemized deduction for the casualty loss

Reference no: EM13150726

Alicia was involved in an automobile accident. Her car was used 50 percent for business and 50 percent for personal use. The car had originally cost $20,000. At the time of the accident, it was worth $14,000 and Alicia had taken $2,000 of depreciation. After the accident, it was worth $5,000. The car was not insured. If Alicia's AGI is $15,000 (before considering the loss), determine her itemized deduction for the casualty loss.

a. $2,900.

b. $3,350.

c. $7,400.

d. $9,000.

e. None of the above.

Reference no: EM13150726

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