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Daniel, age 38, is single and has the following income and expenses in Salary income Net rent income $81,000 11,500 1,100 10,000 8,300 3,800 1,500

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Daniel, age 38, is single and has the following income and expenses in Salary income Net rent income $81,000 11,500 1,100 10,000 8,300 3,800 1,500 Dividend Income Payment of alimony (divorce finalized in March 2019) 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 2,700 1,950 4,950 1,500 3,200 Daniel's standard deduction for 2021 Is $12,550. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2019) 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: 3,200 Daniel's standard deduction for 2021 is $12,550. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2019) 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 AGF Gross income: $ 93,600 AGI: $ 91,650 b. Should Daniel itemize his deductions from AGL or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are s itemizing his deductions he would benefit from

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