For calendar year 2014, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows:
Casualty loss after $100 floor (not covered by insurance) ................. $48,600
Home mortgage interest ......................................................... 19,000
Credit card interest ................................................................... 800
Property taxes on home .......................................................... 16,300
Charitable contributions ......................................................... 28,700
State income tax .................................................................. 18,000
Tax return preparation fees ....................................................... 1,200
Calculate the amount of itemized deductions the Gibsons may claim for the year.