Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Mel and tara are married and File jointly for 2020. they earned $125000 in total salaries together for the year working for an architecture
1. Mel and tara are married and File jointly for 2020. they earned $125000 in total salaries together for the year working for an architecture and construction firm. they moved across the country when tara was offered a new job opportunity within the company this year, incurring 7000 in moving expense. the moving expense were not reimbursed by thoer employee. as part of the move, Mel and tara has to sell their house this year. they had purchased the home in 2014 and after making some improvement to the home its adjusted tax basis at the time of sale was 320000. they sold it for 560,000. they also paid 1700 in interest on loans mel took out to pay for his tuition and fees as an undergraduate architecture major. after the move mel has some helath issues which require the couple to pay 15,000 in medical expense .
ignoring the ans in part1, and instead assuming AGI is $100,000 the amount of itemized deduction Mel and tara could potentially claim for 2020 is.
2. Mel and tara are married and File jointly for 2020. they earned $125000 in total salaries together for the year working for an architecture and construction firm. they moved across the country when tara was offered a new job opportunity within the company this year, incurring 7000 in moving expense. the moving expense were not reimbursed by thoer employee. as part of the move, Mel and tara has to sell their house this year. they had purchased the home in 2014 and after making some improvement to the home its adjusted tax basis at the time of sale was 320000. they sold it for 560,000. they also paid 1700 in interest on loans mel took out to pay for his tuition and fees as an undergraduate architecture major. after the move mel has some helath issues which require the couple to pay 15,000 in medical expense .
ignoring the ans in part1, and instead assuming the total amount of itemized deductions mel and tara could claim was 32000 will mel and tara choose to itemize or take the standard deduction?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started