8:36 Canvas homework Ch 10 Itemized D... Ch 10 Canvas Homework: Itemized Deductions Please respond to the following questions and submit your solutions via Canvas During 2020, Sam has an air filtration system installed in his home as recommended by his physician to treat a lung disease. In connection with this equipment, Sam incurs and pays the following amounts during the year - Filtration system and cot of installation $6,500 - Increase in utility bills 5700 Cost of certified praisal 5360 The system has an estimated useful life of 10 years. The appraisal was to determine the value of the residence with and without the system. The appraisal states the system increased the value of the home by S2.200 If Sam's AG is $40,000 and these are his only medical expenses, what is Sam's medical expense deduction for the year after considering all floors and limitations. For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of S350.000. Their itemized deductions before any floors or limitations have been applied are as follows. The casualty loss is in a federally declared disaster area. What is the Gibson's total itemized deductions reported on schedule A? Casualty loss in a federally declared disaster area S48,700 -Qualified home mortgage interest S19,000 Credit card interest $800 Property tax on home S16,300 Charitable contribution $28.700 State income tax $18,000 -Tax return preparation fees $1,200 14 99 D Dashboard Calendar To Do Notifications be 8:36 Canvas homework Ch 10 Itemized D... Ch 10 Canvas Homework: Itemized Deductions Please respond to the following questions and submit your solutions via Canvas During 2020, Sam has an air filtration system installed in his home as recommended by his physician to treat a lung disease. In connection with this equipment, Sam incurs and pays the following amounts during the year - Filtration system and cot of installation $6,500 - Increase in utility bills 5700 Cost of certified praisal 5360 The system has an estimated useful life of 10 years. The appraisal was to determine the value of the residence with and without the system. The appraisal states the system increased the value of the home by S2.200 If Sam's AG is $40,000 and these are his only medical expenses, what is Sam's medical expense deduction for the year after considering all floors and limitations. For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of S350.000. Their itemized deductions before any floors or limitations have been applied are as follows. The casualty loss is in a federally declared disaster area. What is the Gibson's total itemized deductions reported on schedule A? Casualty loss in a federally declared disaster area S48,700 -Qualified home mortgage interest S19,000 Credit card interest $800 Property tax on home S16,300 Charitable contribution $28.700 State income tax $18,000 -Tax return preparation fees $1,200 14 99 D Dashboard Calendar To Do Notifications be
