Business, 06.08.2021 20:50, lindsaynielsen13
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $334,300. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted.
Casualty loss in a Federally declared disaster area after
$100 floor (not covered by insurance)$48,600
Home mortgage interest (loan qualifies as acquisition indebtedness)19,000
Credit card interest800
Property taxes on home16,300
Charitable contributions28,700
State income tax18,000
Tax return preparation fees1,200
Round your intermediate computations to nearest whole dollar.
The amount of itemized deductions the Gibsons may claim for the year is $.
*The AGI limit for medical expenses is 7.5% now for 2018. It was 10% in previous years.*
*Also in 2018, taxpayers can't claim unreimbursed employee expenses because it is now considered personal exp in 2018-2025 due to new tax rules.*
Answers: 3
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For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $334,300. The...
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