In 2015,Mary had the following items: Salary $30,000 Personal use casualty gain 10,000 Personal use casualty loss (after $100 floor) 17,000 Other itemized deductions 4,000 Assuming that Mary files as head of household (has one dependent child),determine her taxable income for 2015.

Question

In 2015,Mary had the following items: Salary $30,000 Personal use casualty gain 10,000 Personal use casualty loss (after $100 floor) 17,000 Other itemized deductions 4,000 ​ Assuming that Mary files as head of household (has one dependent child),determine her taxable income for 2015.

Quizplus · Accepted Answer

The correct answer is A because the taxable income is $30,000 - $10,000 + $17,000 - $4,000 - $10,250 = $12,750.

In 2015,Mary Had the Following Items: Salary $30,000 Personal Use