Question during 2012 someone broke into jacobs personal, Ask an Expert

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Question: During 2012, someone broke into Jacob's personal residence and took the following items:

Asset	Adjusted Basis	Fair Market Value (FMV) before	Fair Market Value (FMV) after	Insurance Recovery
Business computer	$12,000	$10,000	$ -0-	$ 7,000
Bearer bonds	30,000	25,000	-0-	-0-
Silverware	7,000	20,000	-0-	18,000
Cash	8,000	8,000	-0-	-0-

Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowner's insurance policy paid Jacob $7,000 for the stolen computer, Jacob's employer did not reimburse Jacob for any of the remainder of his loss. Jacob's AGI for the year, before considering any of the above items, is $50,000. Determine the total deduction for the stolen items on Jacob's 2012 tax return.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713187

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