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.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!