Question
Peter and Chris are married filing joint with AGI of $120,000 and made the following payments in 2020: Medical expenses 10 000 State income tax
Peter and Chris are married filing joint with AGI of $120,000 and made the following payments in 2020:
Medical expenses 10 000
State income tax withholdings 4 000
Sales tax payments 5 000
Real estate taxes 3 000
interest on qualified home mortgage 6 500
Charitable contribution. Investment property
The personal residence has a FMV of $500,000 and the outstanding principal balance on the mortgage is of $350,000. The investment property was purchased for $15,000 in 2015 and had a fair market value of $20,000 when they made the donation to a public charity in 2020. Calculate the 2020 itemized deductions for Peter and Chris.
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
Securing An IT Organization Through Governance Risk Management And Audit Internal Audit And IT Audit
Authors: Ken E. Sigler, III Rainey
1st Edition
0367658658, 978-0367658656
