Question
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $353,800. Their itemized deductions are as follows: Note: All expenses
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $353,800. 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) $49,600
Home mortgage interest (loan qualifies as acquisition indebtedness) 19,840
Credit card interest 992
Property taxes on home 14,880
Charitable contributions 27,280 State income tax 17,360
Tax return preparation fees 1,488
Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started