Question

. Determine the net deductible casualty gain or loss for Jan Brady when her Adjusted Gross Income was $53,750 in 2019 before the following occurred:

Assets A and B were destroyed in the same casualty in August. Asset C was destroyed in a separate casualty in October.

All casualties were nonbusiness, personal-use property and they all occurred in a Federally declared disaster area.

What is the amount of the net deductible casualty gain or loss that should be reported on Jan’s Schedule A, line 15?

Asset	Adj. Basis	FMV Before	FMV After	Insurance Reimbursement
A	$1,400	$2,800	$500	$425
B	$13,520	$9,650	3,900	1,100
C	900	3,000	3,000	3,000

Answer 1

Computation of net casuality loss deductible report

Particular	Amount	Remark
Loss on asset A	475	Loss
Loss on Asset B	8520	Loss
Loss on asset C	-5100	Gain
Net casuality loss deductible report	3895

Compuation of net casuality loss dedutible report

Particular	Amout	Remark
Loss on asset A	1400-(500+425)	Loss
Loss on asset B	13520-(3900+1100)	Loss
Loss on asset C	900 -(3000+3000)	Gain
Net casuality loss deductible report	B3+B4+B5