Rashid has a total income of $21,000 in 2006 and tuition expenses of $1,000, resulting in an
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Rashid has a total income of $21,000 in 2006 and tuition expenses of
$1,000, resulting in an AGI of $20,000. He can claim an exemption for himself in the amount of $3,300, and he incurred the following expenses during the year: medical expenses, $500; property taxes, $1,500; mortgage interest, $5,000; state income taxes, $500. If the standard deduction for a single filer in 2006 is $5,150, should Rashid itemize deductions?
Why or why not?
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Related Book For
Wiley Pathways Personal Finance Managing Your Money And Building Wealth
ISBN: 978-0470111239
1st Edition
Authors: Vickie L. Bajtelsmit, Linda Rastelli
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