Question 3 ✓ Saved Taylor's home had some flooding after her sump pump failed. She suffered a casualty loss of $10,000 after insurance reimbursement. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible Question 4 ✓ Saved Alexa paid $3,750 in property taxes on her home. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible

Question 3 ✓ Saved Taylor's home had some flooding after her sump pump failed. She suffered a casualty loss of $10,000 after insurance reimbursement. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible Question 4 ✓ Saved Alexa paid $3,750 in property taxes on her home. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 28P

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Barbara has homeowner’s insurance with $100001 face amount.She recently incurred fire damage of $50000 during the policy period. If the insurer values the home to be $150000, what would her insurance benefit before the deductible? Choices: $33334 $100000 $0 $50001
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