Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year:Medical expenses (before the 7.5%-of-AGI limitation)$33,000State and local income taxes4,800State sales tax1,300Real estate taxes6,000Home mortgage interest5,000Automobile loan interest750Credit card interest1,000Charitable contributions7,000Casualty loss (before 10% limitation but after $100 floor; not in aFederally declared disaster area)34,000Unreimbursed employee business expenses7,600Calculate Linda's allowable itemized deductions for the year.х.

Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…

Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) State and local income taxes State sales tax Real estate taxes Home mortgage interest Automobile loan interest Credit card interest Charitable contributions Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) Unreimbursed employee business expenses Calculate Linda's allowable itemized deductions for the year. X. $33,000 4,800 1,300 6,000 5,000 750 1,000 7,000 34,000 7,600

Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) State and local income taxes State sales tax Real estate taxes Home mortgage interest Automobile loan interest Credit card interest Charitable contributions Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) Unreimbursed employee business expenses Calculate Linda's allowable itemized deductions for the year. X. $33,000 4,800 1,300 6,000 5,000 750 1,000 7,000 34,000 7,600

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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