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For calendar year 2021, 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 2021, 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 (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) $49,000 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,600 Credit card interest 980 Property taxes on home 14,700 Charitable contributions 26,950 State income tax 17,150 Tax return preparation fees 1,470 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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