FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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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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