During 2012 someone broke into Jacobs personal residence and took the following:

Question

During 2012 someone broke into Jacobs personal residence and took the following: Business computer adjusted basis $12,000 FMV before $10,000 FMV after $0 insurance recovery $7,000 Bearer bonds $30,000 FMV before $25,000 FMV after $0 insurance recovery $0 Silverware $7,000 FMV before $20,000 FMV after $0 insurance recovery $18,000 Case $8,000 FMV before $8,000 FMV after $0 Insurance recover $0 Jacob is an employee and used the computer 100% of the time in his employment. Homeowner's insurance policy paid jacob $7,000 for the stolen computer. Jacob's employer did not reimburse him the reminder of the cost. jacob's AGI for the year before considering any of the above items is $50,00. Determine the total deductions for the stolen items on Jacob's 2012 tax return.

Explanation / Answer

$5000

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