Question: While Susan was on vacation during the current year, someone broke into her home and stole the following items: A computer used 60% in connection
While Susan was on vacation during the current year, someone broke into her home and stole the following items:
A computer used 60% in connection with Susans rental property and 40% for her personal use. The cost of the computer was $8,000. Depreciation of $1,000 had been taken on the computer and it had a fair market value of $4,000 at the time of the theft.
A painting, which Susan purchased as an investment for $10,000, had a fair market value of $17,000.
Silverware purchased for $3,000 had a fair market value of $5,000.
Cash of $30,000.
Susans adjusted gross income, before considering any of the above items, is $60,000.
Determine the total amount of Susans itemized deductions resulting from the theft.
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