In 2019, Morley, a single taxpayer, had an AGI of $30,000 before considering the following items: Loss from damage to rental property ($6,000) Loss from theft of bonds (3,000) Personal casualty gain 4,000 Personal casualty loss (after $100 floor) (9,000) The personal casualties occurred in a Federally declared disaster area. Determine the amount of Morley's itemized deduction from the losses.

$5,600

Explanation:

AGI after casualties = AGI before casualties - Loss from damage to rental property + Personal casualty gain + Personal casualty loss = $30,000 - $6,000 + $4,000 - $4,000 = $24,000

AGI limit on casualty loss = $24,000 × 10% = $2,400

Itemized deductions = Casualty Loss - AGI limit on casualty loss + Loss from theft of bonds = $5,000  -$2,400 +  $3,000  = $5,600

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