What is amount of the net deductible casualty gain or loss

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Question - Determine the net deductible casualty gain or loss for Jan Brady when her Adjusted Gross Income was $47,800 in 2020 before the following occurred:

Asset

Adj. Basis

FMV Before

FMV After

Insurance Reimbursement

A

$1,200

$2,300

$500

$280

B

11,500

9,000

3,350

1,100

C

500

3,200

1,700

175

A and B were destroyed in the same casualty in January. C was destroyed in a separate casualty in September.

All casualties were nonbusiness, personal-use property in a Federally declared disaster area.

Required - What is the amount of the net deductible casualty gain or loss that should be reported on Jan's 2020 Schedule A?

Reference no: EM132732770

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