Pedro, who is a single taxpayer, had AGI of $328,000 for 2015. He incurred the following expenses
Question:
Pedro, who is a single taxpayer, had AGI of $328,000 for 2015. He incurred the following expenses during the year:
Medical expenses before 10%-of-AGI limitation.................$12,000
State and local income taxes.............................................8,900
Real estate taxes............................................................1,600
Home mortgage interest.................................................16,000
Charitable contributions..................................................2,200
Deductible investment interest expense...............................1,700
Compute the amount of Pedro's itemized deductions after any applicable reductions.
Step by Step Answer:
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young