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. (TCO I) Jake, a single individual with a salary of $40,000, paid the following expenses during the year. Alimony: $8,000 Charitable contributions: $2,000 Casualty

.(TCO I) Jake, a single individual with a salary of $40,000, paid the following expenses during the year.

  • Alimony: $8,000
  • Charitable contributions: $2,000
  • Casualty loss (after $100 floor): $1,000
  • Mortgage interest on personal residence: $3,000
  • Moving expenses: $1,500
  • Student loan interest: $1,000
  • Contribution to a traditional IRA: $2,000

Analyze the above expenses, and determine which ones are deductible for AGI. Please support your position.

This is my answer I just wanted to check if it was right? I also wasn't sure how to support this. Due in 20 min thank you for your help

Deductible for AGI

Alimony- $8,000

Charitable contributions- $2,000

Causality loss $900-- this is included ($1,000- the loss of $100)

Mortgage interest on personal residence- $3,000

Moving expenses- $1,500

Student loan interest- $1,000

Contributions to a traditional IRA- $2,000

Total deductible for AGI= $18,400

AGI= $40,000 - $18,400 = $21,6000

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