Question
John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000. They have a capital loss of $8000 and tax-exempt interest
John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000. They have a capital loss of $8000 and tax-exempt interest income of $1000. They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000. A) Compute their AGI B)Compute their total itemized deductions. C) What is the amount of their personal exemptions? D) Compute their taxable income (Tax year is 2013)
HOW CAN WE KNOW CAPITAL LOSS IS $3000 ( IAM STUCK IN HERE)???????????????????
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