Question: For calendar year 2016, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows: Casualty loss after

For calendar year 2016, 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.

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