Question: An individual is calculating his deductions for a given year. He examines his records and finds that in the last calendar year, he paid $2,000
An individual is calculating his deductions for a given year. He examines his records and finds that in the last calendar year, he paid $2,000 in property taxes, paid $40,000 towards his mortgage ($30,000 of which was payments on the principal), spent $5,100 on medical expenses, paid $250 for tax preparation services, and spent $100 on professional publications last year. What would be his itemized deductions total if the individual's adjusted gross income is $80,000?
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