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Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2020. They incurred
Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2020. They incurred the following expenses and losses during the year. Calculate their itemized deductions for the year. Show all calculations for partial credit. 22,800 Casualty loss in a federally declared disaster area after the $100 floor (no insurance proceeds) Home mortgage interest Credit card interest 8,000 1,000 State and local taxes 2,000 Real estate taxes 5,000 3,000 Charitable contributions: Cash of 2,000 and FMV of clothing given to Goodwill of 1,000 (cost of 8,000) Medical expenses (before the limitation) 4,000 1,000 Union dues Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2020. They incurred the following expenses and losses during the year. Calculate their itemized deductions for the year. Show all calculations for partial credit. 22,800 Casualty loss in a federally declared disaster area after the $100 floor (no insurance proceeds) Home mortgage interest Credit card interest 8,000 1,000 State and local taxes 2,000 Real estate taxes 5,000 3,000 Charitable contributions: Cash of 2,000 and FMV of clothing given to Goodwill of 1,000 (cost of 8,000) Medical expenses (before the limitation) 4,000 1,000 Union dues
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