Question
RJ has the following expenses in 2020: Medical Expenses $10,000 State Taxes $7000 Real Estate Taxes $8000 Cash Charitable Contributions $500 Mortgage Interest $6500 Continuing
RJ has the following expenses in 2020: Medical Expenses $10,000 State Taxes $7000 Real Estate Taxes $8000 Cash Charitable Contributions $500 Mortgage Interest $6500 Continuing education costs Employer didn’t pay for $300 Gambling Losses $1000 RJ’s mortgage was to buy his house and had a principal amount of $600,000. RJ files single and his 2020 AGI is $95,000, including $750 of gambling winnings. How much are RJ’s itemized deductions in 2020?
a. None of these
b. $21,725
c. $21,025
d. $20,975
e. $20,725
Step by Step Solution
3.46 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
Answer Correct option is A Explanation Particluars Medic...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
20th Edition
978-0357109144, 978-0357686652, 978-1305874824
