Reynaldo and Sonya, a married couple, had flood damage in their home due to a...
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Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2018, which was declared a Federally Designated Disaster Area, which ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Flat-screen TV Original FMV Just Prior to Item Cost Damage (Basis) $9,600 $ 6,800 9,250 15,950 1,600 5,650 Their homeowner's insurance policy had a $12,430 deductible for the personal property, which was deducted from their insurance reimbursement of $17,650, resulting in a net payment of $5,220. Their AGI for 2018 was $39,250. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2018? Casualty loss deduction
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