Mr. and Mrs. Marcum live in southern California in an area devastated by wildfires that...
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Accounting
Mr. and Mrs. Marcum live in southern California in an area devastated by wildfires that the President designated a federally declared disaster. Because of fire damage, the Marcums had to replace the roof of their home at a cost of $79,000. Their homeowners insurance reimbursed them for only $47,400 of the cost. The Marcums $31,600 unreimbursed loss was their only casualty loss this year. Assume the taxable year is 2021. Required: Compute their deductible casualty loss if their AGI is $175,000. Compute their deductible casualty loss if their AGI is $392,000.
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