Linda, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following
Question:
Linda, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following expenses and losses during the year:
Medical expenses (before the 10%-of-AGI limitation) ..............................................$33,000
State and local income taxes ....................................................................................... 4,500
State sales tax ............................................................................................................... 1,300
Real estate taxes .......................................................................................................... 4,000
Home mortgage interest ............................................................................................ 5,000
Automobile loan interest ............................................................................................ 750
Credit card interest ...................................................................................................... 1,000
Charitable contributions ............................................................................................. 7,000
Casualty loss (before 10% limitation but after $100 floor) ..................................... 34,000
Unreimbursed employee expenses subject to the 2%-of-AGI limitation ............. 7,600
Calculate Linda’s allowable itemized deductions for the year.
Step by Step Answer:
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen