Evan, age 61, is single and has AGI of $277,300 in 2016. His potential itemized deductions before
Question:
Evan, age 61, is single and has AGI of $277,300 in 2016. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following:
Medical expenses (before the 10%-of-AGI limitation) .......................$28,000
Interest on home mortgage ......................................................................8,700
State income taxes ......................................................................................9,500
Real estate taxes .........................................................................................3,600
Charitable contributions ...........................................................................2,500
After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim?
Step by Step Answer:
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young