Question
Mary is single with AGI of $150,000. Mary made the following payments in 2020: Medical expenses 8 000 State income tax withholdings 7 000 Sales
Mary is single with AGI of $150,000. Mary made the following payments in 2020:
Medical expenses 8 000
State income tax withholdings 7 000
Sales tax payments 2 000
Real estate taxes 6 000
interest on qualified home mortgage 10 000
Charitable contribution ABC Corporation stock
Mary purchased her home in 2020 and the original mortgage on the home has a principal balance of $900,000.
Mary purchased ABC stock for $15,000 in 2018 and the stock had a fair market value of $18,000 when she made the donation to a public charity in 2020.
Calculate the amount of Mary's 2020 itemized deductions.
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SOLUTION To calculate Marys 2020 itemized deductions we need to consider the eligible expenses and d...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
