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Daniel, age 38, is single and has the following income and expenses in 2019: Salary income $135,000 Net rent income 8,500 Dividend income 2,700 Payment

Daniel, age 38, is single and has the following income and expenses in 2019:

Salary income $135,000
Net rent income 8,500
Dividend income 2,700
Payment of alimony (divorce finalized in March 2019) 14,000
Mortgage interest on residence 7,000
Property tax on residence 3,000
Contribution to traditional IRA (assume the amount is fully deductible) 3,900
Contribution to United Church 1,300
Loss on the sale of real estate (held for investment) 1,075
Medical expenses 3,200
State income tax 2,550
Federal income tax 3,800

Daniel's standard deduction for 2019 is $12,200.

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a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: $ b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ he would benefit from a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: $ b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ he would benefit from

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