Danny’s living room furniture and his flat screen television were damaged in a fire in his home in January 2017. In March 2017, his golf cart was damaged in a flood. He was able to establish the following information to determine his losses on these assets.

Danny’s AGI is $37,000 before considering these casualties and he has $10,000 of other itemized deductions. Determine Danny’s deductible casualty loss for 2017.

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Asset FMV FMV before after casualty casualty Insurance Cost Date recovery purchased Television $4,600 $1,100 $2,000 $5,000 10 months ago Furniture 5,500 1,500 3,200 3,000 11 years ago