Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Archie Hamilton is 45 years old and single. Archie had wage income of $55,000. He also had gambling winnings of $1,000. He is not sure

Archie Hamilton is 45 years old and single.

Archie had wage income of $55,000. He also had gambling winnings of $1,000.

He is not sure if he should itemize or take the standard deduction.

Archie paid the following:

- $5,200 qualifying home mortgage interest.

- $9,507 for real estate taxes.

- $5,040 for state income taxes withheld in 2019.

- Unreimbursed doctor and dentist bills in the amount of $7,000.

- Unreimbursed prescription drugs for $14.

- Vitamins for $120.

- A statement received from his church showing donations made throughout the year totaling $1,200.

- Receipts for donations of furniture and clothing in good, used condition to Goodwill. The total estimated fair market value is $100.

- Tax preparation fee of $315 for his 2018 tax return.

- $50 paid in 2019 on his 2018 balance due state income tax return.

- $45 investment expense

- $250 in gambling losses

Are investment expenses, tax preparation fees or gambling losses allowable deductions on Form 1040, Schedule A?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Strategy

Authors: Ruth Bender

4th Edition

1136181105, 9781136181108

More Books

Students also viewed these Accounting questions