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Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2021: Salary income Net rent income
Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2021: Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax Daniel's standard deduction for 2021 is $12,550. $189,000 15,500 2,100 30,000 8,300 2,200 2,100 2,300 2,575 6,700 1,650 7,100 a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March Not deductible 2019) Mortgage interest on residence Deductible from AGI Property tax on residence Deductible from AGI Contribution to traditional IRA (assume the Deductible for AGI amount is fully deductible) Contribution to United Church Deductible from AGI Loss on the sale of real estate (held for Deductible for AGI investment) Medical expenses Deductible from AGI State income taxi Deductible from AGI
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