Mathematics, 01.12.2020 19:50 becky1301
The Jones 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 tax form.
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?
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The Jones family had $9,441 worth of hurricane damage that was not covered by insurance. They need t...
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