Linda, who files as a single taxpayer, had AGI of $280,000 for 2022. She incurred the following
Question:
Linda, who files as a single taxpayer, had AGI of $280,000 for 2022. She incurred the following expenses and losses during the year:
Calculate Linda’s allowable itemized deductions for the year.
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Medical expenses (before the 7.5%-of-AGI limitation) State and local income taxes State sales tax Real estate taxes Home mortgage interest Automobile loan interest Credit card interest Charitable contributions Casualty loss (before the 10%-of-AGI limitation but after the $100 floor; not in a Federally declared disaster area) Unreimbursed employee business expenses $33,000 4,800 1,300 6,000 5,000 750 1,000 7,000 34,000 7,600
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Lindas itemized deductions are computed as follows The aut...View the full answer
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Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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