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| Teaching Since: | May 2017 |
| Last Sign in: | 352 Weeks Ago, 5 Days Ago |
| Questions Answered: | 20103 |
| Tutorials Posted: | 20155 |
MBA, PHD
Phoniex
Jul-2007 - Jun-2012
Corportae Manager
ChevronTexaco Corporation
Feb-2009 - Nov-2016
Niosha has AGI of $100,000 in 2014. During 2014, Niosha also had an uninsured
personal casualty loss of $15,000 (after the $100 reduction). The personal casualty
loss related to an accident that Niosha had with Rose. Niosha carried no collision
insurance and Rose was also an uninsured motorist. Assume Niosha itemizes
deductions in 2014. What is the casualty loss amount that Niosha may actually
deduct?
a. $15,000
b. $10,000
c. $5,000
d. $0
Refer to the facts in the previous question. However, for purposes of this question
assume that Niosha takes the standard deduction in 2014. What is the casualty loss
amount that Niosha may deduct?
a. $15,000
b. $10,000
c. $5,000
d. $0
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