Duke and Pat Collins have adjusted gross income of ($ 358,000). They have itemized deductions of ($

Question:

Duke and Pat Collins have adjusted gross income of \(\$ 358,000\). They have itemized deductions of \(\$ 20,000\) consisting of \(\$ 8,000\) in medical expenses that exceed \(7.5 \%\) of adjusted gross income, \(\$ 3,000\) in property taxes, \(\$ 4,000\) in housing interest, and \(\$ 5,000\) in miscellaneous itemized deductions. What is the amount of their itemized deductions?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

Question Posted: