Question: A single client lives in Florida. The client is attempting to quickly calculate whether to take the standard deduction or to itemize deductions. The client

A single client lives in Florida. The client is attempting to quickly calculate whether to take the standard deduction or to itemize deductions. The client has paid $9,500 in home mortgage interest and donated $2,000 to charities. The client used a home equity line of credit to purchase a car has also paid $1,700 in HELOC interest for that loan along with $1,800 in property taxes. Which of the following expenses can the client claim as itemized deductions?
I. Home mortgage interest
II. Charitable contributions
III. HELOC interest
IV. Sales taxes
Question 7 options:
A)
I, II, III and IV
B)
I, II and IV only
C)
I and II only
D)
II and IV only

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!