Question
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100. Their itemized deductions are as follows. Note: All expenses
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted.
Casualty loss in a Federally declared disaster area after
$100 floor (not covered by insurance) $53,200
Home mortgage interest (loan qualifies as acquisition indebtedness) 21,280
Credit card interest 1,064
Property taxes on home 15,960
Charitable contributions 29,260
State income tax 18,620
Tax return preparation fees 1,596
Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.
$????
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