## Related questions with answers

The Lowatsky family had $9,441 worth of hurricane damage that was not covered by insurance. They need to follow IRS procedures to take a casualty deduction on Schedule A. a. The IRS requires that$100 be deducted from each casualty. What is the total casualty loss after the $100 is deducted? b. Their adjusted gross income is$67,481. Find 10% of their adjusted gross income. c. Their Schedule A casualty deduction can be found by subtracting 10% of the adjusted gross income from the answer to part a. What is their casualty loss deduction?

Solution

VerifiedThe Lowatsky family had $\$9,441$ worth of hurricane damage that was not covered insurance.

a.) The IRS requires that $\$100$ be deducted from each casualty.

The total casualty loss after the $\$100$ is deducted is $\$9,341$.

$\$9,441-\$100= \$9,341$

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