For calendar year 2023, 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 (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 $54,400 21,760 1,088 16,320 29,920 19,040 1,632 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 2023, 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 (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 $54,400 21,760 1,088 16,320 29,920 19,040 1,632 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8
Transcribed Image Text:For calendar year 2023, 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 (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
$54,400
21,760
1,088
16,320
29,920
19,040
1,632
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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