Mr.and Mrs.Blake suffered two casualty losses this year.Mr.Blake's wallet containing $1,300 cash was stolen,and their uninsured sailboat (basis $67,000; FMV $50,000)sank after colliding with a reef.Compute the Blakes' itemized deduction for casualty losses if their AGI was $112,200.

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The Answer of Mr.and Mrs.Blake suffered two casualty losses this year.Mr.Blake's wallet containing $1,300 cash was stolen,and their uninsured sailboat (basis $67,000; FMV $50,000)sank after colliding with a reef.Compute the Blakes' itemized deduction for casualty losses if their AGI was $112,200.

MrAnd MrsBlake Suffered Two Casualty Losses This Year