While Susan was on vacation during the current year, someone broke into her home and stole the following items:
?A computer used 60% in connection with Susan as an employee and 40% for her personal use. The cost of the computer was $8,000. Depreciation of $3,000 had been taken on the computer and it had a fair market value of $4,000 at the time of the theft.?A painting that Susan purchased as an investment for $10,000 had a fair market value of $17,000.?Silverware purchased for $3,000 had a fair market value of $5,000.?Cash of $30,000.?
Susan’s adjusted gross income, before considering any of these items, is $60,000. Determine the total amount of her itemized deductions resulting from the theft.
What will be an ideal response?
?
| Painting loss (investment property) | $10,000 | ||
| Casualty losses (not allowed; not a result of a Federally declared disaster) | ? -0- | ||
| Total itemized deductions | $10,000 |
Business
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