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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of

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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $79,000 31,600 1,580 23,700 43,450 27,650 2,370 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year

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