Mario had AGI of $90,000 and will itemize for 2019. He had significant damage to...
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Accounting
Mario had AGI of $90,000 and will itemize for 2019. He had significant damage to an antique plane as a result of a hurricane in 2019. The hurricane was a federally declared disaster.
The plane had a value of $240,000 before the hurricane. The value of the plane after the hurricane was estimated to be $125,000.
He estimates that his insurance will cover $75,000 of the repairs.
He wants to amend his 2018 return for the loss. His 2018 AGI was $80,000.
In 2020, he received $68,000 of proceeds from the insurance. His 2020 AGI was $65,000.
What is his casualty loss deduction for 2018, 2019, and 2020?
$0 for 2018; ($31,900) for 2019; ($500) for 2020
$0 for 2018; ($30,900) for 2019; ($500) for 2020
($31,900) for 2018; $0 for 2019; ($500) for 2020
($30,900) for 2018; $0 for 2019; ($400) for 2020
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