Ikito had a bad year. his home was broken into and his tv, Ask an Expert

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Ikito had a bad year. His home was broken into and his TV, DVD, VCR and computer were all stolen. The properties had a basis of $15,000 and a current fair market value of $9,000. Later that year, his care was hit by a garbage truck. It cost Ikito $9,000 to have the car repaired. Ikito didnt believe in insurance, so he received no reimbursements. In addition, the garbage company filed for bankruptcy after the accident. How much may Ikito deduct as an itemized deduction if his AGI is $68,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942048

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