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hichkok12 [17]
3 years ago
11

Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of $20,000. Their insurance company r

eimbursed them for $8,000. The $12,000 unreimbursed amount is deductible as an itemized deduction.a.trueb. false
Business
1 answer:
andreev551 [17]3 years ago
4 0

Answer:

<u>True</u>

Explanation:

According to the IRS tax guidelines in such a case the unreimbursed amount is deductible as an itemized deduction from tax returns.

What this implies for Mr. and Mrs. Jones is that the $12,000 unreimbursed amount would be deducted from their tax return. <u>Thus, reducing the amount of taxes to be paid by them.</u>

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Read more: What's the difference between the income effect and the substitution effect? | Investopedia http://www.investopedia.com/ask/answers/041415/whats-difference-between-income-effect-and-substitution-effect.asp#ixzz4wcsy3IOK
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