Mr. and Mrs. Marcum live in southern California in an area devastated by wildfires that the President designated a federally declared disaster. Because of fire damage, the Marcums had to replace the roof of their home at a cost of $62,000. Their homeowners insurance reimbursed them for only $37,200 of the cost. The Marcums' $24,800 unreimbursed loss was their only casualty loss this year. Assume the taxable year is 2023. Required: a. Compute their deductible casualty loss if their AGI is $166,500. b. Compute their deductible casualty loss if their AGI is $383,500. Complete this question by entering your answers in the tabs below. Required Required B Compute their deductible casualty loss if their AGI is $166,500. Note: Leave no cells blank be sure to enter "0" wherever required. Mr. and Mrs Marcum's deductible casualty loss
Mr. and Mrs. Marcum live in southern California in an area devastated by wildfires that the President designated a federally declared disaster. Because of fire damage, the Marcums had to replace the roof of their home at a cost of $62,000. Their homeowners insurance reimbursed them for only $37,200 of the cost. The Marcums' $24,800 unreimbursed loss was their only casualty loss this year. Assume the taxable year is 2023. Required: a. Compute their deductible casualty loss if their AGI is $166,500. b. Compute their deductible casualty loss if their AGI is $383,500. Complete this question by entering your answers in the tabs below. Required Required B Compute their deductible casualty loss if their AGI is $166,500. Note: Leave no cells blank be sure to enter "0" wherever required. Mr. and Mrs Marcum's deductible casualty loss
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 66P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT