Question
Inigo Montoya, who is single and age 42, had AGI of $200,000 during 2021. He had the following expenses and losses during the year:
Inigo Montoya, who is single and age 42, had AGI of $200,000 during 2021. He had the following expenses and losses during the year: Medical expenses BEFORE 7.5% of AGI limitation $39,500 State & local income taxes 5,200 Real estate taxes 4,400 Home mortgage interest 5,400 Charitable contributions 4,800 "Personal casualty loss BEFORE 10% OF AGI limitation (after $100 per event) 47,000 Unreimbursed employee business expenses subject to 2% of AGI limitation 8,900 Gambling losses (he had $7,400 of gambling income) 9,800 "Casualty loss was in a federally declared disaster area the $100 deduction per event has already been deducted. Compute Inigo Montoya's total itemized deductions 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