Question
For calendar year 2015, Jon and Betty Hansen (ages 59 and 60) file a joint return reflecting AGI of $280000. They incur the following expenditures:
For calendar year 2015, Jon and Betty Hansen (ages 59 and 60) file a joint return reflecting AGI of $280000. They incur the following expenditures:
Medical expenses before AGI floor $30,000
Casualty Loss(not covered by insurance) before statutory floors 30,000
Interest in home mortgage 10,000
Interest in credit cards 800
Property Taxes on home 13,000
Charitable contributions 17,000
State Income Tax 15,000
Tax Return Preparation fees 1,200
What is the amount of itemized deductions the Hansen's may claim?
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