Reference no: EM132686132

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:

                                                                                               Insurance
Asset   Adj. Basis      FMV Before      FMV After        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.

Problem 1: What is the amount of the net deductible casualty gain or loss that should be reported on Jan's 2020 Schedule A?