Robert and Chris Jones are married and report AGI of $280,000 in 2023. They also provided...

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Robert and Chris Jones are married and report AGI of $280,000 in 2023. They also provided the following information about their expenditures throughout the year: Doctor's visits for Chris 15,000 Over the counter supplements purchased by Robert 500 Payments for their grandson's medical treatment 8,000 State Income Taxes withheld from their wages 8,000 Property taxes on Personal Residence 1,000 Property Taxes on Second Home 3,000 Repairs on Second Home 1,500 Mortgage Interest 20,000 Cash Contributions to qualified charitable organizations 12,000 OTHER INFORMATION The mortgage interest can be broken down as follows: $15,000 for their personal residence and $10,000 for their second home. Their Personal residence was purchased in 2019 and had an average mortgage balance of $500,000 for the entire year. The second home was purchased in 2020 and had an average mortgage balance of $150,000 for the entire year. The second home was rented for a total of 14 days and generated revenues of $70,000. It was used personally for 100 days and it was vacant the remainder of the year. The taxpayer uses the IRS method for any expense allocations. During the year they made a contribution of a painting, purchased 10 years prior, to a qualified charity with a cost of $15,000 and Fair Market Value of $200,000. The charity indicated they would sell the painting and use the proceeds to fund their operations. Their grandson is 12 years old and lived with the Jones' for the entire year. They provide all of his support. Required: What are the total allowable itemized deductions for 2023? Robert and Chris Jones are married and report AGI of $280,000 in 2023. They also provided the following information about their expenditures throughout the year: Doctor's visits for Chris 15,000 Over the counter supplements purchased by Robert 500 Payments for their grandson's medical treatment 8,000 State Income Taxes withheld from their wages 8,000 Property taxes on Personal Residence 1,000 Property Taxes on Second Home 3,000 Repairs on Second Home 1,500 Mortgage Interest 20,000 Cash Contributions to qualified charitable organizations 12,000 OTHER INFORMATION The mortgage interest can be broken down as follows: $15,000 for their personal residence and $10,000 for their second home. Their Personal residence was purchased in 2019 and had an average mortgage balance of $500,000 for the entire year. The second home was purchased in 2020 and had an average mortgage balance of $150,000 for the entire year. The second home was rented for a total of 14 days and generated revenues of $70,000. It was used personally for 100 days and it was vacant the remainder of the year. The taxpayer uses the IRS method for any expense allocations. During the year they made a contribution of a painting, purchased 10 years prior, to a qualified charity with a cost of $15,000 and Fair Market Value of $200,000. The charity indicated they would sell the painting and use the proceeds to fund their operations. Their grandson is 12 years old and lived with the Jones' for the entire year. They provide all of his support. Required: What are the total allowable itemized deductions for 2023?

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Answer To calculate Robert and Chris Jones adjusted gross income AGI for 2023 we need to consider th... View the full answer