ACC 401 ASSIST Start With a Dream / ACC 401 ASSIST Start With a Dream / - Page 11

61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items were completely destroyed and not salvageable Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,800. Their AGI for 2009 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009? 62. During the year 2009, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the car expense rate of 55 cents per mile, what is her deductible transportation expense? --------------------------------------------------------------------- ACC 401 Week 2 DQ 1 Adjusted Gross Income FOR MORE CLASSES VISIT 38. What are some of the limitations concerning deductibility of student loan interest? Be specific and comprehensive