Question

Chris flew to Chicago for surgery . He incurred these cost airfare 350 , lodging 200 (100.00 a night) restaurant meals 80, Hospital and surgery 5000. What are the deductible for medical casualty loss ?

5000

5450

5550

5630

2. Tiffany's laptop was stolen while riding on a local train. the FMV for laptop was 750 before the theft and 0 after. She purchased it last year for 1200 she didn't get any insurance reimbursement. Her AGI is 25000 what is tiffany's casualty loss?

0

250

750

1200

Answer 1

1. Ans. - 5450 is deductible as medical casualty loss for tax. hospital and surgery cost is $5000,air fair is 350,lodging charges for night is $50/night included in medical expenses, for 2 nights it is $100. restaurant meals is not a part of medical expenses ,so these are not included in case of deductions.So ans, is 5450.

hospital and surgery = 5000

air fair = 350

logging charges for 2 nights = 50 × 2 = 100

Total Deductions = 5000 + 350 + 100 = 5450

2.Ans.- 0. 10% of AGI rule is not applied in case of asset or properties theft. laptop is stolen during riding on local train. so that, Tiffany's casual loss is 0.