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Claude is 45 years old and married to Thelma who is 43 years old in 2020. They file jointly for 2020 and their AGI is
Claude is 45 years old and married to Thelma who is 43 years old in 2020. They file jointly for 2020 and their AGI is $150,000. They have the following expenses in 2020.
Mortgage Interest - $12,000
Medical Expenses $3,000
Real Estate Taxes $7,000
State and Local Income Taxes - $5,000
Charitable Contributions - $2,000
Should Claude and Thelma take advantage of itemized deductions in 2020? Explain.
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