] In January, a flood which was declared a federal disaster, damaged Danny’s carpeting and furniture. In March, his golf cart was damaged in an accident when it was hit by a car. He was able to establish the following information to determine his losses on these assets. Asset FMV before casualty FMV after casualty Insurance recovery Cost Date purchased Carpet $5,600 $1,100 $2,000 $6,000 10 months ago Furniture 5,500 1,500 3,200 3,000 11 years ago Golf Cart 6,500 2,000 1,500 7,000 8 months ago Danny’s AGI is $32,000 before considering these casualties and he has $12,000 of other itemized deductions. Determine Danny’s deductible casualty loss for 2019.
] In January, a flood which was declared a federal disaster, damaged Danny’s carpeting and furniture. In March, his golf cart was damaged in an accident when it was hit by a car. He was able to establish the following information to determine his losses on these assets.
Asset FMV before casualty FMV after casualty Insurance recovery Cost Date purchased
|
Carpet |
$5,600 |
$1,100 |
$2,000 |
$6,000 |
10 months ago |
|
Furniture |
5,500 |
1,500 |
3,200 |
3,000 |
11 years ago |
|
Golf Cart |
6,500 |
2,000 |
1,500 |
7,000 |
8 months ago |
Danny’s AGI is $32,000 before considering these casualties and he has $12,000 of other itemized deductions. Determine Danny’s deductible casualty loss for 2019.
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