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Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses...

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Accounting

Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of $20,000. Their insurance company reimbursed them for $8,000. The $12,000 unreimbursed amount is deductible as an itemized deduction.

True False

Grace has an AGI of $60,000 in 2017 and 2018. She makes cash contributions to public charities in the amount of $38,000 in 2017 and $35,000 in 2018. Her charitable contribution carryover to 2019 is:

A. $5,000

B. $1,000

C. $0

D. $4,000

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