For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their

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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.

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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

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