For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their
Question:
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows:
Casualty loss in a Federally declared disaster area after
$100 floor (not covered by insurance)..........................................................$48,600
Home mortgage interest (loan qualifies as acquisition indebtedness).......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 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman