During 2019 Richard and Denisa, who are married and have two dependent children, have the following income
Question:
income and losses:
Total salaries $150,000
Bank account interest 25,000
Short-term capital gains 4,000
Short-term capital losses ( 1,500)
They also incurred the following expenses:
Qualified medical expenses $ 8,000
State income taxes paid 12,000
Property taxes on home 2,300
Qualified residence interest 9,000
Investment interest expense 7,500
Cash charitable contributions 15,000
Tax return preparation fees 3,600
Unreimbursed employee business expenses 4,000
Compute Richard and Denisa's taxable income for the 2019 year.
South Western Federal Taxation 2015 Essentials of Taxation Individuals and Business Entities
ISBN: 9781285438290
18th edition
Authors: James Smith, William Raabe, David Maloney, James Young