Susan Has the Following Items for 2018

question 91

Essay

Susan has the following items for 2018:
? Loss on rental property caused by termites-$110,000. Insurance covered 80% of the loss.
? Loss on personal use automobile-$10,000. The insurance policy does not cover the first $3,000 of loss. Susan decided not to file a claim for the loss.
? Loss on a painting stolen from Susan's house. Susan purchased the painting three years ago as an investment. She paid $40,000 for the painting and it was worth $35,000 at the time of the theft. The painting was insured for the fair market value.
? Salary-$40,000.
Determine Susan's AGI and total amount of itemized deductions for 2018.

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Definitions:

Contract

A legally binding agreement between two or more parties that outlines terms and conditions, rights, and duties related to a specific transaction or arrangement.

Projectors

Electronic devices that display images, videos, or computer data on a larger screen or surface, widely used in presentations and educational settings.

Promotional Materials

Items or media used for marketing purposes to advertise, promote, or support a product, service, or event.

Customer Inquiry

A request for information regarding a company's products or services, made by current or potential customers.