Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2007 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2007. The following unreimbursed cash expenditures were among those made by the Burgs during 2007:
|
Repair of glass vase accidentally broken in home by dog; vase cost $500 in 2004; fair value $600 before accident and $200 after accident |
$90 |
Without regard to the $100 “floor” and the adjusted gross income percentage threshold, what amount should the Burgs deduct for the casualty loss in their itemized deductions on Schedule A for 2007?
- $0
- $ 90
- $300
- $400