For calendar year 2017, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their
Question:
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.
Step by Step Answer:
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young