Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following
Question:
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year:
Medical expenses (before the 75%-of-AGI limitation) ...............................$33,000
State and local income taxes ............................................................................4,800
State sales tax ....................................................................................................1,300
Real estate taxes ...............................................................................................6,000
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; not in
a Federally declared disaster area) ............................................................34,000
Unreimbursed employee business expenses ............................................7,600
Calculate Linda’s allowable itemized deductions for the year.
Step by Step Answer:
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young