During 2019,Alonzo incurred one personal casualty loss due to a federally declared major disaster . The...

During 2019,Alonzo incurred one personal casualty loss due to a federally declared major disaster . The amount of the loss after reimbursements is $6500. Alonzo's AGI is $40,000 . What is the amount of his casualty loss deduction

A. $1,550

B. $1.950

C. $5,550

D, $ 6,050

Solutions

Expert Solution

B. $1.950

Casualty loss	$6,050
Subtract $100 per incident	$100
Loss after $100 rule	$5,950
Subtract 10% of $40,000 AGI	$4,000
Casualty loss deduction	$1,950

ekkarill92 answered 2 years ago

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