Question
Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses
Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year:
Medical expenses (before the 7.5%-of-AGI limitation) $33,000
State and local income taxes 4,800
State sales tax 1,300
Real estate taxes 6,000
Home mortgage interest 5,000
Automobile loan interest 750
Credit card interest 1,000
Charitable contributions 7,000
Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000
Unreimbursed employee business expenses 7,600
Calculate Linda's allowable itemized deductions for the year
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