Question
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $364,200. Their itemized deductions are as follows: Note: All expenses
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $364,200. 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) $62,200
Home mortgage interest (loan qualifies as acquisition indebtedness) 24,880
Credit card interest 1,244
Property taxes on home 18,660
Charitable contributions 34,210
State income tax 21,770
Tax return preparation fees 1,866
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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