Question

# Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of \$280,000 for...

Problem 10-28 (LO. 2)

Linda, who files as a single taxpayer, had AGI of \$280,000 for 2019. 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 4,800 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.
\$.

Calculation of Linda's Allowable itemized deduction for the year:

 Particulars Amount Itemized deduction subject to overall limit: Local and state taxes (capped upto \$10,000) \$10,000 Home mortgage interest \$5,000 Charitable contributions \$7,000 Unreimbursed employee expenses Eliminated from 2019 Medical Expense - 33,000-(280,000*10%) \$5,000 Casualty Loss Eliminated from 2019 Linda;s Allowable itemized deduction for the year \$27,000

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