Virginia has a casualty gain of $5,000 and a casualty loss of $2,500, before reduction by the $500 floor.

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Virginia has a casualty gain of $5,000 and a casualty loss of $2,500, before reduction by the $500 floor. The gain and loss were the result of two separate casualties, and both properties were personal use assets. What is Virginia’s gain or loss as a result of these casualties?$5,000 capital gain and $2,500 capital loss$5,000 capital gain and $2,400 itemized deduction, subject to the 10% of AGI limitation$5,000 capital gain and $2,500 itemized deduction, subject to the 10% of AGI limitation$5,000 capital gain and $2,000 capital lossNone of the above