Question

For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $373,300....

For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $373,300. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted.

Casualty loss in a Federally declared disaster area after
$100 floor (not covered by insurance)		 $65,800
Home mortgage interest (loan qualifies as acquisition indebtedness) 26,320
Credit card interest 1,316
Property taxes on home 19,740
Charitable contributions 36,190
State income tax 23,030
Tax return preparation fees 1,974

Round your final answers to the nearest whole dollar.

Calculate the amount of itemized deductions the Gibsons may claim for the year.

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Answer #1

Answer:

Calculation of the amount of itemized deductions the Stuart and Pamela Gibson may claim for the year

Particulars Amount
AGI $373,300
Itemized deductions:
Casualty loss: (65,800 - 10% of 373,300) 28,470
Home mortgage interest 26,320
Charitable contribution 36,190
State Income tax 23,030
Total Itemized deductions 114,010

Tax return preparation fees = 1,974 (miscellaneous)
2% of AGI (373,330) = 7,466
Condition, if the overall miscellaneous are less than 2% of AGI then it can't be claimed for deduction.

Note: Credit card interest and Property taxes on a home are not allowed for itemized deduction


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