None For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $352,500. 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 (not covered byinsurance; before the 10%-of-AGI limitation but after the $100 floor)$67,000Home mortgage interest (loan qualifies as acquisition indebtedness)Credit card interest26,8001,340,Property taxes on home.Charitable contributionsState income taxTax return preparation feesRound your final answers to the nearest whole dollar.Calculate the amount of itemized deductions the Gibsons may claim for the year.117,510 X20,10036,85023,4502,010

Itemized deductions are specific expenses that taxpayers can subtract from their adjusted gross…

For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $352,500. 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 (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest $67,000 26,800 1,340. 20,100 36,850 23,450 2,010 Property taxes on home Charitable contributions State income taxi Tax return preparation fees Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. 117,510 X

For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $352,500. 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 (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest $67,000 26,800 1,340. 20,100 36,850 23,450 2,010 Property taxes on home Charitable contributions State income taxi Tax return preparation fees Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. 117,510 X

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 39P

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For calendar year 2022, 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 (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $46,000 18,400 920 13,800 25,300 16,100 1,380 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. 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 (not covered byinsurance; before the 10%-of-AGI limitation but after the $100 floor) $48,600 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000 Credit card interest 800 Property taxes on home 16,300 Charitable contributions 28,700 State income tax 18,000 Tax return preparation fees 1,200 Round your intermediate computations to nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
A taxpayer places a $50,000 5-year recovery period asset in service in 2020. This is the only asset placed in service in 2020. Assuming half-year convention and an election to expense under Section 179 (no bonus depreciation), and taxable income after all deductions except Section 179 of $5,000, what is the amount of Section 179 immediate expensing? a.$50,000 b.$5,000 c.$0 d.$30,000 e.$25,000
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Anchor, inc, reports pretax financial income of $100,000 for 2020, S120,000 for 2021, and $140,000 for 2022. The following items cause taxable income on Anchor's income tax return to be different than pretax financial income for 2020: Proceeds from the collection of an officer's life insurance policy in the amount of $10,000. 1. Depreciation on the 2020 tax return is greater than on the income statement by $24,000. That difference will reverse over the following two years. 2. 3.Rent collected on the tax return is greater than that recognized on the 2020 income statement by $18,000. That amount will reverse in 2021. There were no additional originating differences during the years 2020 through 2022, and there were no deferred income tax balances at January 1, 2020. Anchor's income tax rate for all three years 2020- 2022 was 20%. REQUIRED: 1. Compute taxable income on the income tax return for each of the years 2020, 2021 and 2022. Prepare the journal entries to record Anchor's income…
On 15 June 2020, Business Taxpayer sold furniture (seven-year property) it had placed in service on 1 November 2018. The furniture was the only asset placed in service during 2018 and had an initial basis of $12,000. Taxpayer did not elect 179 immediate expensing and elected out of bonus deprecation in 2018 (meaning no 179 or bonus). Determine the depreciation deduction for the furniture in 2020, the year of sale