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Problem 3 : Deductions for Personal Activities Robert and Chris Jones are married and report AGI of $ 4 0 0 , 0 0 0
Problem : Deductions for Personal Activities
Robert and Chris Jones are married and report AGI of $ in They also provided the following information about their expenditures throughout the year:
Medical Treatment for Robert
Purchase of Over the counter allergy Medication
Estimated state Income Taxes
Property taxes on Personal Residence
Property Taxes on Second Home
Utilities for Second Home
Mortgage Interest on principal residence
Contributions to Health Savings Account
Cash Contributions to qualified charitable organizations
OTHER INFORMATION
During the year Robert received a refund from his medical provider of $ for payments made during
The mortgage interest can be broken down as follows: $ for their personal residence and $ for their second home. Their Personal residence was purchased in and had an average mortgage balance of $ for the entire year. The second home was purchased in and had an average mortage balance of $ for the entire year.
The second home was rented for a total of days and generated revenues of $ It was used personally for days and vacant the remainder of the year. The taxpayer uses the court method for any expense allocations.
During the year they made a contribution of Walmart stock to a qualified charitable organization they had originally purchased in for $ The fair market value of the stock at the date of contribution was $
Required: What are the total allowable itemized deductions for
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