Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred
Question:
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017.
She incurred the following expenses and losses during the year:
Medical expenses (before the 10%-of-AGI limitation) ...................... $33,000
State and local income taxes ....................................................... 4,500
State sales tax ........................................................................ 1,300
Real estate taxes ................................................................... $ 4,000
Home mortgage interest ............................................................. 5,000
Automobile loan interest ............................................................... 750
Credit card interest ................................................................... 1,000
Charitable contributions ............................................................ 7,000
Casualty loss (before 10% limitation but after $100 floor) .................. 34,000
Unreimbursed employee expenses subject to the 2%-of-AGI limitation ..... 7,600
Calculate Linda's allowable itemized deductions for the year?
Step by Step Answer:
Lindas itemized deductions before the overall limitation are computed as follows Medical expenses 33000 10 280000 5000 State and local income taxes 45...View the full answer
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
