Question
Decide whether a person should itemize his deductions or take the standard deduction in the following case. A person's deductible expenditures are $8400 for interest
Decide whether a person should itemize his deductions or take the standard deduction in the following case. A person's deductible expenditures are $8400 for interest on a home mortgage, $2100 for contributions to charity, and $655 for state income taxes. His filing status entitles him to a standard deduction of $11,500.
A. He should itemize his deductions as it would deduct less money from his taxable income.
B.He should claim the standard deduction as it would deduct less money from his taxable income.
C. He should claim the standard deduction as it would deduct more money from his taxable income.
D. He should itemize his deductions as it would deduct more money from his taxable income.
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