For calendar year 2015, 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.