For calendar year 2017, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their

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For calendar year 2017, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows:

Casualty loss after $100 floor (not covered by insurance) ................... $48,600
Home mortgage interest ..........................................................................   19,000
Credit card interest ...................................................................................         800
Property taxes on home ..........................................................................    16,300
Charitable contributions ..........................................................................    28,700
State income tax ........................................................................................    18,000
Tax return preparation fees ......................................................................     1,200


Calculate the amount of itemized deductions the Gibsons may claim for the year. 

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South-Western Federal Taxation 2018 Comprehensive

ISBN: 9781337386005

41st Edition

Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young

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