Question: Facts John Anderson's property suffered extensive damage in Year 5 as the result of a severe hurricane. The federal government declared the area in

Facts John Anderson's property suffered extensive damage in Year 5 as the result of a severe hurricane. The federal government declared the area in which John lived a major disaster area. John has provided documentation for the losses in the exhibits. John's Year 5 AGI is $100,000 and he itemizes his deductions on his federal income tax return. Question Using the information provided, complete the table below to calculate the amount of John's casualty loss deduction. Enter additions as positive whole numbers and subtractions as negative whole numbers. If a value is zero, enter a zero (0). Solve Qualified Casualty Loss Deductible on Schedule A Total Loss Amount NBV FMV Lower of NBV or Decreased FMV Value of Persnal Vehicle - Tacoma Storage Shed - FMV Fence - FMV Roof Replacement Cost Total Loss Amount Less Insurance Procceeds Persnal Vehicle-Tacoma Storage Shed FMV Fence - FMV Net Loss After Insurance Recovery Statutory Casualty Deduction (Floor) Less: AGI Floor $100,000 Total Casualty Loss on Schedule A AGI $
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