Pedro, who is a single taxpayer, had AGI of $328,000 for 2017. He incurred the following expenses
Question:
Pedro, who is a single taxpayer, had AGI of $328,000 for 2017. 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:
Pedros itemized deductions before the overall limitation are computed as follows Medical expenses 12...View the full answer
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
