For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their
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For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows:
Calculate the amount of itemized deductions the Gibsons may claim for the year.
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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 $48,600 19,000 800 16,300 28,700 18,000 1,200
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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