Daniel, age $38,$ is single and has the following income and expenses in $2024$:

Salary income$$147,000$Net rent income$15,500$Dividend income$1,100$Payment of alimony $($divorce finalized in March $2022)22,000$Mortgage interest on residence$7,000$Property tax on residence$3,700$Contribution to traditional IRA $($assume the amount is fully deductible$)4,200$Contribution to United Church$2,700$Loss on the sale of real estate $($held for investment$)1,325$Medical expenses$4,600$State income tax$1,500$Federal income tax$4,700$

Daniel's standard deduction for $2024$ is $$14,600.$

Question Content Area

a$.$Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony $($divorce finalized in March $2021)$

Deductible for AGIDeductible from AGINot deductible

Mortgage interest on residence

Deductible for AGIDeductible from AGINot deductible

Property tax on residence

Deductible for AGIDeductible from AGINot deductible

Contribution to traditional IRA $($assume the amount is fully deductible$)$

Deductible for AGIDeductible from AGINot deductible

Contribution to United Church

Deductible for AGIDeductible from AGINot deductible

Loss on the sale of real estate $($held for investment$)$

Deductible for AGIDeductible from AGINot deductible

Medical expenses

Deductible for AGIDeductible from AGINot deductible

State income tax

Deductible for AGIDeductible from AGINot deductible

Federal income tax