Question
Pedro, who is a single taxpayer, had AGI of $328,000 for 2016. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation
Pedro, who is a single taxpayer, had AGI of $328,000 for 2016. He incurred the following expenses during the year:
Medical expenses before 10%-of-AGI limitation $12,000
State and local income taxes $8,900
Real estate taxes $1,600
Home mortgage interest $16,000
Charitable contributions $2,200
Deductible investment interest expense $1,700
Compute the amount of Pedro's itemized deductions after any applicable reductions. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.
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South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
20th Edition
978-0357109144, 978-0357686652, 978-1305874824
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