In the Current Year, Juan's Home Was Burglarized

question 5

Multiple Choice

In the current year, Juan's home was burglarized.He had the following items stolen: ∙ Securities worth $25,000.Juan purchased the securities four years ago for $20,000.
∙ New tools that Juan had purchased two weeks earlier for $8,000.He uses the tools in making repairs at an apartment house that he owns and manages.
∙ An antique worth $15,000.Juan inherited the antique (a family keepsake) when the property was worth $11,000.
Juan's homeowner's policy had a $50,000 deductible clause for thefts.If his salary for the year is $50,000, determine the amount of his itemized deductions as a result of the theft.

• A)$3,100
• B)$6,000
• C)$26,100
• D)$26,500
• E)None of these.