Paul reported the following itemized deductions on his 2017 tax return. His AGI for 2017 was $65,000.
Question:
Paul reported the following itemized deductions on his 2017 tax return. His AGI for 2017 was $65,000. The mortgage interest is all qualified mortgage interest to purchase his personal residence. For AMT, compute his total adjustment for itemized deductions.
Medical expenses (after the 10.0% of AGI floor) ............................ $6,000
State income taxes ................................................................................3,600
Home mortgage interest ....................................................................11,500
Charitable contributions.......................................................................3,200
Miscellaneous itemized deductions (after the 2% of AGI floor) ......1,800
a. $1,800.
b. $3,600.
c. $5,400.
d. $20,100.
Step by Step Answer:
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler