Essay
Susan reports the following items for 2019:
? 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.She purchased the painting three years ago as an investment for which she paid $40,000.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 2019.
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