Susan Has the Following Items for 2017

Essay

Susan has the following items for 2017:
∙ 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. Susan purchased the painting three years ago as an investment. She paid $40,000 for the painting and 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 2017.