Question 24

George is single and age 46, has wages of $255,000, interest income of 10,000 and tax-exempt interest income from municipal bonds of $2,000. He has net short-term capital gains of $9,000 and net long-term capital losses of $16,000 (0%, 15%, 20% category). He pays the following expenditures in 2020.

Medical expenses (before limitation)	$35,000
Interest on home mortgage (Loan is $175,000 and fair market value of home is $220,000)	$15,500
State income tax	$7,500
Real estate tax	$8,600
Charitable contributions (cash)	$6,500

What is George's total itemized deductions?

	a.	$47,300
	b.	$46,900
	c.	$64,300
	d.	$73,100