Jake, a single individual with a salary of $40,000, paid the following expenses during the year: Alimony:

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Jake, a single individual with a salary of $40,000, paid the following expenses during the year: Alimony: ................$8,000 Charitable contributions: .........$2,000 Casualty loss (after $100 floor): .......$1,000 Mortgage interest on personal residence: ..$3,000 Moving expenses: ............$1,500  Student loan interest: ............$1,000 Contribution to a traditional IRA: .....$2,000

Analyze the above expenses and determine which ones are deductible for AGI. Please support your position

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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