Answered step by step
Verified Expert Solution
Question
1 Approved Answer
29. Schedule A. Marcus (SSN 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition debt, as well as interest and taxes
29. Schedule A. Marcus (SSN 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition debt, as well as interest and taxes paid on each home during the year, is as follows. For 2019 Taxes!!!
29. Schedule A. (Obj. 8) a. Marcus (SSN 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition debt, as well as interest and taxes paid on each home during the year is as follows. Acquisition Interest Taxes Debt Paid Paid Main home $240,000 $18,330 $2,400 Vacation home #1 300,000 18,583 2,800 Vacation home #2 350,000 19,044 3,400 During 2019, the Crosses made cash gifts totaling $12,000 to various qualified public charities. The Crosses gifted 150 shares of stock to their church during 2019. They purchased 100 shares of the stock for $10 a share in 2010. The other 50 shares were purchased earlier in 2019 for $18 a share. At the time the shares were donated to the church, their fair market value was $24 a share. The Crosses' only other itemized deductions were $4,240 that their employers withheld from their paychecks for state income taxes. The Crosses' AGI is $216,952. Compute the Crosses total itemized deductions and prepare their Schedule A
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