Question
Michael is single with AGI of $350,000. Michael made the following payments in 2018: Medical expenses: $7500 state income tax withholdings 12,500 sales tax payments
Michael is single with AGI of $350,000. Michael made the following payments in 2018:
Medical expenses: $7500
state income tax withholdings 12,500
sales tax payments $5000
real estate taxes 10,000
Interest on qualified home mortgage 12,000
Charitable contributions ABC Corporation stock
Michael purchased his home in 2018 and the original mortgage on the home has a principal balance of $80,000.
Michael purchased ABC stock for $25,000 on January 3, 2018, and the stock had a fair market value of $30,000 when he made the donation to a public charity. Calculate the amount of Michaels 2018 itemized deductions
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