Evan is single and has AGI of $277,300 in 2021. His potential itemized deductions before any limitations
Question:
Evan is single and has AGI of $277,300 in 2021. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following:
Medical expenses (before the 7.5%-of-AGI limitation) ................................ $31,000
Interest on home mortgage .............................................................................. 8,700
State income taxes .............................................................................................. 9,500
Real estate taxes ................................................................................................. 3,600
Charitable contributions ................................................................................... 2,500
After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim?
Step by Step Answer:
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman