In 2021, Morley, a single taxpayer, had an AGI of $30,000 before considering the following items: Loss from damage to rental property ($6,000) Investment-loss (painting theft) (5,00) Personal casualty gain 4,000 Personal casualty loss (after $100 floor) (9,000) All casualties gains and losses occurred after 3-1-21. Determine the amount of Morley's itemized deduction from the losses. $5,120 $5,500 $3,000 $2,900 None of these

Aram's taxable income before considering capital gains and losses is $71,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer). Required: Aram sold a capital asset that he owned for more than one year for a $5,220 gain, a capital asset that he owned for more than one year for a $610 loss, a capital asset that he owned for six months for a $1,420 gain, and a capital asset he owned for two months for a $1,010 loss. Aram sold a capital asset that he owned for more than one year for a $2,110 gain, a capital asset that he owned for more than one year for a $2,720 loss, a capital asset that he owned for six months for a $310 gain, and a capital asset he owned for two months for a $2,120 loss. Aram sold a capital asset that he owned for more than one year for a $2,610 loss, a capital asset that he owned for six months for a $4,420 gain, and a capital asset he…

A has AGI of $400,000 in 2022 and has medical expenses of $65,000 in 2022. In 2023, A’s insurance company reimburses him for $40,000 of those expenses. How much of the $40,000 does A have to include in computing its taxable income for 2023?

Arturo, a calendar year taxpayer, paid $20,300 in medical expenses and sustained a $24,360 casualty loss in 2018 (the loss occurred in a Federally declared disaster area). He expects $14,210 of the medical expenses and $17,052 of the casualty loss to be reimbursed by insurance companies in 2019. How much can Arturo include in determining his itemized deductions for 2018? Disregard %-of-AGI limitations or casualty loss floor in determining your answers. Before considering any limitations (or reductions) on deductions, Arturo can include $____ of the medical expenses and$ ____of the casualty loss when determining his itemized deductions in 2018.

In 2021, Avi, a single taxpayer, had taxable income of $110,000. This amount included short-term capital losses of $2,000 and long-term capital losses of $12,000.  He had no other capital transations in prior years.  What is Avi's capital loss carryover to 2022? - $0 - $9,000 - $11,000 - $14,000

During the tax year, Monica incurred one personal casualty loss due to a federally declared disaster. The amount of the loss after reimbursements is $8,025. Monica will not be replacing any of the damaged property. Monica's adjusted gross income is $50,000. What is the amount of the casualty loss deduction to report on Schedule A (Form 1040)? $2,925 $3,025 $7,925 $8,025

AreaBurt purchased an apartment building on January 1, 2010, for $345,000. The building has been depreciated over the appropriate recovery period using the straight-line method. On December 31, 2022, the building was sold for $420,000, when the accumulated depreciation was $126,500. On his 2022 tax return, what should Burt report?a. Section 1231 gain of $75,000 and ordinary income of $126,500b. Section 1231 gain of $75,000 and unrecaptured depreciation of $126,500c. Ordinary income of $201,500d. Section 1231 gain of $126,500 and ordinary income of $75,000