Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2014. She incurred
Question:
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2014. She incurred the following expenses and losses during the year:
Medical expenses before the 10%-of-AGI limitation ....... $33,000
State and local income taxes .................. 4,500
State sales tax ....................... 1,300
Real estate taxes ..................... 4,000
Home mortgage interest .................. 5,000
Automobile loan interest ................... 750
Credit card interest ..................... 1,000
Charitable contributions ................... 7,000
Casualty loss before 10% limitation (after $100 floor) ...... 34,000
Unreimbursed employee expenses subject to the
2%-of-AGI limitation ................... 7,600
Calculate Linda’s allowable itemized deductions for the year.
Step by Step Answer:
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young