Among the Hoyts' cash expenditures during 2016 were the following: $2,500 in repairs in connection with 2016 fire damage to the Hoyt residence. This property has a basis of $50,000. Fair market value was $60,000 before the fire and $55,000 after the fire. Insurance on the property had lapsed in 2015 for nonpayment of premium. $800 appraisal fee to determine amount of fire loss. The appraisal fee to determine the amount of the Hoyts' fire loss was
a) Subject to the 2%-of-adjusted-gross-income floor for miscellaneous itemized deductions.
b) Not deductible.
c) Deductible from gross income in arriving at adjusted gross income.
d) Deductible after reducing the amount by $100.
Ans: a) Subject to the 2%-of-adjusted-gross-income floor for miscellaneous itemized deductions.
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