Determine the total amount that will qualify for itemized deduction by the taxpayer. Reginald’s long-time neighbor (and poker-playing buddy) Regina lost her job early in the year due to excessive late arrivals at work. To assist Regina and her family (an unemployed husband and six pre-teen children), Reginald did what he could to keep his friends from either starving or declaring bankruptcy until the (un) employment situation was cured. First, he paid their overdue state income taxes of $777, then he gave then $400 cash each month starting in June. When their electric washer “died” from overuse, he bought them a refurbished one, spending $555 on it. Finally, he covered their December mortgage payment (principal of $433 and interest of $167) so that they had some cash to buy Christmas presents for the children
Determine the total amount that will qualify for itemized deduction by the taxpayer.
Reginald’s long-time neighbor (and poker-playing buddy) Regina lost her job early in the year due to excessive late arrivals at work. To assist Regina and her family (an
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