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ollegr [7]
3 years ago
12

On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basi

s of $7,000. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $50,000, calculate the amount of his theft loss deduction.
Business
1 answer:
Mama L [17]3 years ago
3 0

Answer: $1,900

Explanation:

Theft loss deduction is calculated by adjusting the fair market value of the asset for a theft loss floor limitation of $100 and 10% of the person's AGI.

Theft loss deduction is:

= Fair value -Theft floor limitation - 10% of AGI

= 7,000 - 100 - (10% * 50,000)

= $1,900

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