Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses...
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Accounting
Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of $20,000. Their insurance company reimbursed them for $8,000. The $12,000 unreimbursed amount is deductible as an itemized deduction.
True False
Grace has an AGI of $60,000 in 2017 and 2018. She makes cash contributions to public charities in the amount of $38,000 in 2017 and $35,000 in 2018. Her charitable contribution carryover to 2019 is:
A. $5,000
B. $1,000
C. $0
D. $4,000
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