Ikito's AGI was $68,000 in 2017 and 2018. His home was broken into and his TV, DVD, VCR and computer were all stolen. The properties had a basis of $15,000 and a current fair market value of $9,000. Later that year, his car was hit by a garbage truck. It cost Ikito $9,000 to have the car repaired. Ikito didn't believe in insurance, so he received no reimbursements. In addition, the garbage company filed for bankruptcy after the accident. How much may Ikito deduct as an itemized deduction if these events occurred in 2018 and if they instead happened in 2017, respectively??
A) $11,000 in 2018; $0 in 2017
B) $17,800 in 2018; $0 in 2017
C) $0 in 2018; $11,000 in 2017
D) $10,200 in 2018; $0 in 2017
Correct Answer:
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