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Peter and Chris are married filing joint with AGI of $100,000 and made the following payments in 2020: Medical expenses State income tax withholdings
Peter and Chris are married filing joint with AGI of $100,000 and made the following payments in 2020: Medical expenses State income tax withholdings Sales tax payments Real estate taxes Interest on qualified home mortgage Charitable contribution 8,000 6,000 2,000 3,000 8,500 Investment property The personal residence has a FMV of $450,000 and the outstanding principal balance on the mortgage is $400,000. The investment property was purchased for $20,000 in 2020 and had a fair market value of $22,000 when they made the donation to a public charity in 2020. Calculate the 2020 itemized deductions for Peter and Chris. 7 points 1 All calculations must be shown
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