Question
Charles, who is single and age 61, had AGI of $400,000 during 2015. He incurred the following expenses and losses during the year. Medical expenses
Charles, who is single and age 61, had AGI of $400,000 during 2015. He incurred the following expenses and losses during the year.
Medical expenses before 10%-of-AGI limitation | $39,500 |
State and local income taxes | 5,200 |
Real estate taxes | 4,400 |
Home mortgage interest | 5,400 |
Charitable contributions | 4,800 |
Casualty loss before 10% limitation (after $100 floor) | 47,000 |
Unreimbursed employee expenses subject to 2%-of-AGI limitation | 8,900 |
Gambling losses (Charles had $7,400 of gambling income) | 9,800 |
Compute Charles’s total itemized deductions for the year. | |
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
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