Pedro, who is a single taxpayer, had AGI of $328,000 for 2016. 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. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.

Answer rating: 100% (QA)

Calculate the total itemized deduction Particulars Amount Medical expense I200010328000 Nil State an... View the full answer