Business
Business, 28.02.2021 17:20, elisameza

Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $171,000
Net rent income 17,500
Dividend income 500
Payment of alimony (divorce finalized in March 2019) 26,000
Mortgage interest on residence 5,700
Property tax on residence 3,800
Contribution to traditional IRA (assume the amount is fully deductible) 3,000
Contribution to United Church 2,100
Loss on the sale of real estate (held for investment) 700
Medical expenses 4,950
State income tax 1,050
Federal income tax 7,100

Required:
a. What is Daniel's gross income?
b. What is Daniel's AGI?
c. What is Daniel's Total itemized deductions (after any limitations)?

answer
Answers: 2

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Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $171,000...

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