Mario and Kaitlin are married and file a joint tax return. They have adjusted gross income of
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Unreimbursed medical expenses..............................................$26,000
Home mortgage interest on acquisition debt of $1,200,000
(the purchase price was $1,800,000) ..........................................36,000
Interest on a home equity loan (principal amount of $125,000) ..........4,200
Investment interest expense.......................................................5,000
Other investment expenses........................................................1,800
State income taxes...................................................................4,900
Real property taxes................................................................13,000
Cash contribution to the State University athletic department
booster club (for preferred seating tickets to games).........................3,000
Cash contribution to the State University Business School
student scholarship fund...........................................................2,000
Unreimbursed employee business expenses...................................6,600
Tax return preparation fee...........................................................500
What are their itemized deductions after applying all limitations?
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Related Book For
Taxation For Decision Makers 2017
ISBN: 9781119330417
7th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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