Question

Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the...

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 7.5%-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.
$______________.

*The AGI limit for medical expenses is 7.5% now for 2018. It was 10% in previous years.*
*Also in 2018, taxpayers can't claim unreimbursed employee expenses because it is now considered personal exp in 2018-2025 due to new tax rules.*

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the...
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 7.5%-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...
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred...
1/ 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 7.5%-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...
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...
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She...
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-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, Federally-Declared Disaster (before 10% limitation but after $100 floor) 34,000 Linda's total itemized deduction is $
Bruno is married filing separate and has one dependent. His AGI is $164,000 for 2018. He...
Bruno is married filing separate and has one dependent. His AGI is $164,000 for 2018. He incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $9,900 State and local income taxes 5,600 State sales tax 1,800 Real estate taxes 6,100 Home mortgage interest 7,000 Credit card interest 2,350 Charitable contribution 3,200 Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) 19,000 Unreimbursed employee expenses subject to the 2%-of-AGI...
Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $21,980 State and local income taxes $10,836 Real estate taxes $2,167 Home mortgage interest $18,060 Charitable contributions $4,334 Deductible investment interest expense $1,625 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $
In 2018, Ava, an employee, who files single, has AGI of $58,000 and incurred the following...
In 2018, Ava, an employee, who files single, has AGI of $58,000 and incurred the following miscellaneous itemized deductions this year: Home office expenses: $1,200 Union dues and work uniforms: $350 Unreimbursed employee expenses: $415 Gambling losses to the extent of gambling winnings: $890. What is Ava’s total itemized deduction related to these items
For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $325,200....
For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $325,200. 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) $51,400 Home mortgage interest (loan qualifies as acquisition indebtedness) 20,560 Credit card interest 1,028 Property taxes on home 15,420 Charitable contributions 28,270 State income tax 17,990 Tax return preparation fees 1,542 Round...
For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $343,400....
For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $343,400. 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) $49,000 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,600 Credit card interest 980 Property taxes on home 14,700 Charitable contributions 26,950 State income tax 17,150 Tax return preparation fees 1,470 Round...
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400....
For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. 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) $49,600 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,840 Credit card interest 992 Property taxes on home 14,880 Charitable contributions 27,280 State income tax 17,360 Tax return preparation fees 1,488 Calculate...