Claude is 45 years old and married to Thelma who is 43 years old in 2020. They file jointly for 2020 and their AGI is $150,000. They have the following expenses in 2020. Mortgage Interest - $12,000 Medical Expenses $3,000 Real Estate Taxes $7,000 State and Local Income Taxes - $5,000 Charitable Contributions - $2,000 Should Claude and Thelma take advantage of itemized deductions in 2020? Explain.

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Itemized deduction vs Standard deduction Particulars Mortgage interest 12000 ... View the full answer