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i need also help with solving these Brazil reports AGI of $40,000. She is 50 years old and files as single. The following are medical
i need also help with solving these
Brazil reports AGI of $40,000. She is 50 years old and files as single. The following are medical expenses incurred this year: Dentist charges $ 90 Physician's fees 2,800 Elective Cosmetic surgery 400 Cost of eyeglasses 250 Hospital charges 1,330 Prescription drugs 240 Over-the-counter drugs 75 What will be Brazil's medical expenses deduction for itemized deductions? In 2020, Kanye West paid $40,000 of interest on a mortgage on his home (Kanye borrowed $600,000 in 2014 to buy the residence and it is currently worth $1,000,000), $6,000 on a $75,000 home-equity loan on his home (proceeds used to buy a car and pay off consumer debt), and $10,000 of interest on a mortgage on his vacation home (loan of $300,000; home purchased for $400,000 in 2016). How much interest expense can be deducted as an itemized deduction? Ariana Grande, a single taxpayer (age 47), has an AGI of $300,000. This year, she paid qualifying medical expenses of $37,500, state income taxes of $15,000, mortgage interest of $10,600 on $250,000 acquisition debt for her home, and charitable contributions of $6,000. What would be the amount of her total itemized deductions she may claim on her tax return? Baby Huey is 16 years old and works throughout the year at a local bicycle shop. He made $8,200 at the shop and earned $2,000 in interest income from his savings account. Assume that Baby Huey is claimed as a dependent on his parent's tax return. What is Baby Huey's standard deduction for the year Step by Step Solution
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