Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2016. She incurred
Question:
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2016. 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 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young