Question
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?
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