Question: For calendar year 2012, Stuart and Pamela Gibson file a joint return reflecting AGI of $264,000. Their itemized deductions are as follows: Medical expenses $25,300

For calendar year 2012, Stuart and Pamela Gibson file a joint return reflecting AGI of $264,000. Their itemized deductions are as follows:
Medical expenses $25,300
Casualty loss after $100 floor (not covered by insurance) 28,600
Home mortgage interest 11,000
Credit card interest 800
Property taxes on home 14,300
Charitable contributions 18,700
State income tax 16,500
Tax return preparation fees 1,200
Calculate the amount of itemized deductions the Gibsons may claim for the year.

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The Gibsons itemized deductions are computed as follows Medical expenses 25300 75 264000 5500 State ... View full answer

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