Question
Vicki is the office manager at a local company. Vicki is single and has an AGI of $150,000 (which includes $10,000 of investment income and).
Vicki is the office manager at a local company. Vicki is single and has an AGI of $150,000 (which includes $10,000 of investment income and). Information about her 2021 expenses is as follows: Expenses paid: Unreimbursed dental and eye care costs $1,800 Doctor and hospital costs 6,500 Property taxes on her home 5,900 State income tax paid in 2021 6,000 Fees paid to town for garbage pick-up 400 Stock donated to American Red Cross; FMV $50,000; purchased three years ago for $25,000 Fee for preparation of 2020 tax return 2,000 Uninsured casualty loss on a second home (a Federally declared disaster area) 25,100 Investment advisor fee 1,000 Home mortgage interest 15,000 Gambling losses (she reported gambling income on Schedule 1 of $6,000) 6,500 Interest on borrowing to purchase investment assets (she reported investment income of $8,000) 7,000 Interest on car loan 1,500 Required: Compute Vicki's total itemized deductions for year 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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