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### Tim suffered greatly this year- In January a freak storm damaged his s.docx

1. Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid \$28,200 for the boat, but he was able to repair the damage for \$10,050. Tim paid \$18,550 for the motorcycle, but it was worth \$20,350 before it was stolen. Insurance reimbursed \$1,200 for the boat repairs and the cycle was uninsured Calculate Tim's deductible casualty loss if his AGI is \$50,000. How would you answer a. if Tim received an additional \$65,000 in interest from municipal bonds this year? Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid \$28,200 for the boat, but he was able to repair the damage for \$10,050. Tim paid \$18,550 for the motorcycle, but it was worth \$20,350 before it was stolen. Insurance reimbursed \$1,200 for the boat repairs and the cycle was uninsured Solution a. the total loss= cycle loss= \$18,550 repairs loss= \$8,850 total= \$27,400 if the duductible casualty loss is \$50,000, then the remaining balance= \$22,600 c. if he received additional amount of \$65,000 then he can write of his losses and he can enjoy the remaining amount
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