Carol had adjusted gross income of $40,000 in 2015.Late in the year she had an accident with her car and sustained a $1,000 loss,the amount of her insurance policy deductible.Her home was broken into and she had $15,000 of jewelry stolen (basis = $12,000); her insurance only covered $5,000 of this loss.What is her deductible loss?

Question

Quizplus · Accepted Answer

($1,000 - $100)+ ($12,000 - $5,000 - $100)- ($40,000 x .10)= $3,800.

Carol Had Adjusted Gross Income of $40,000 in 2015