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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.
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Round your final answers to the nearest whole dollar.
The amount of itemized deductions the Gibsons may claim for the year is
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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
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$49,000
Home mortgage interest (loan qualifies as acquisition
indebtedness)
19,600
Credit card interest
980
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Charitable contributions
26,950
State income tax
17,150
Tax return preparation fees
1,470
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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...
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
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Property taxes on home
19,740
Charitable contributions
36,190
State income tax
23,030
Tax return preparation fees
1,974
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Jack and Jill file a joint return for 2019 reflecting salaries of $110,000. They incur the...
Jack and Jill file a joint return for 2019 reflecting salaries
of $110,000. They incur the following expenditures and income:
Medical expenses of $9,000, Medical Insurance premiums $7,000,
Drug Rehab Program $1,000, Swimming lessons $300
Interest on Margin account $6,000, Mortgage Home Interest
$10,000, Credit Card Interest $800,
State Income Tax $7,000, Property taxes, $9,000, Sales Tax
$1,000.
Charitable contribution $6,000, Political contribution $100,
Gambling losses $500, Casualty loss $3,000
Qualified Business income $20,000, Net Investment income
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A. What...
For calendar year 2020 Matt and Lauren, ages 40 and 39, and both secondary school teachers,...
For calendar year 2020 Matt and Lauren, ages 40 and 39, and both
secondary school teachers, file a joint return reflecting AGI of
$280,000. They incur the following expenditures:
Medical expenses (before the 7.5% of
AGI limitation) $30,000
State and local income
taxes
15,000
State sales
tax
1,300
Real estate taxes on their
home
13,000
Home mortgage
interest
11,000
Automobile loan
interest
750
Credit card
interest
1,000
Charitable
contributions
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Casualty loss caused by an electrical
fire in their home ...
For calendar year 2020 Matt and Lauren, ages 40 and 39, and both secondary school teachers,...
For calendar year 2020 Matt and Lauren, ages 40 and 39, and
both secondary school teachers, file a joint return reflecting AGI
of $280,000. They incur the following expenditures:
Medical expenses (before the 7.5% of
AGI limitation) $30,000
State and local income
taxes
15,000
State sales
tax
1,300
Real estate taxes on their
home
13,000
Home mortgage
interest
11,000
Automobile loan
interest
750
Credit card
interest
1,000
Charitable
contributions
17,000
Casualty loss caused by an electrical
fire in their home ...
Arturo, a calendar year taxpayer, paid $28,000 in medical expenses and sustained a $33,600 casualty loss...
Arturo, a calendar year taxpayer, paid $28,000 in medical
expenses and sustained a $33,600 casualty loss in 2019 (the loss
occurred in a Federally declared disaster area). He expects $19,600
of the medical expenses and $23,520 of the casualty loss to be
reimbursed by insurance companies in 2020. How much can Arturo
include in determining his itemized deductions for 2019? Disregard
%-of-AGI limitations or casualty loss floor in determining your
answers.
Before considering any limitations (or reductions) on
deductions, Arturo...
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...
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...
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
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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
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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...
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