Question
The Smith couple files a joint return and have the following infor for 2020 Mortgage interest on their personal residence $6,000 Property taxes paid on
The Smith couple files a joint return and have the following infor for 2020
Mortgage interest on their personal residence $6,000
Property taxes paid on their personal residence $2,500
Alimony payment made for divorce that was finalized in 2017 $12,000
Moving expenses $7,000
Business expenses from Mrs smith's small business $14,000
State income taxes paid $5,000
Investment interest $7,500
Personal casualty loss in federal disaster area $11,200
Unreimbursed employee expenses for Mr Smith $2,500
Depreciation on rental cabin primarily used for rentals $1,600
Adjusted gross income $81,000
Calculate the Smith's combined exclusions and deductions For AGI.
Please show your entire calculation
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