What is the amount of casualty loss that reynaldo can claim

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Reference no: EM132690363

Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a federally designated disaster area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable:

Damaged Items FMV Just Prior to Damage Original Item Cost

Antique poster bed $6,000 $ 5,000

Pool table 7,000 11,000

Flat-screen TV 700 2,500

Problem 1: Their homeowner's insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,700. Their AGI for 2019 was $50,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2019?

Reference no: EM132690363

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