Jermaine's filing status is single, he has AGI of $100,000, and the following expenses for 2022:...
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Jermaine's filing status is single, he has AGI of $100,000, and the following expenses for 2022: Charitable contribution (cash) Mortgage interest on personal residence State income tax Property tax State sales tax Long-term capital loss Unreimbursed medical expenses (900) (5,600) (4,300) (2,000) (4,000) (6,000) (8,200) What are Jermaine's total itemized deductions? Should he itemize or take the standard deduction? Why? Show your work to receive full credit! Jermaine's filing status is single, he has AGI of $100,000, and the following expenses for 2022: Charitable contribution (cash) Mortgage interest on personal residence State income tax Property tax State sales tax Long-term capital loss Unreimbursed medical expenses (900) (5,600) (4,300) (2,000) (4,000) (6,000) (8,200) What are Jermaine's total itemized deductions? Should he itemize or take the standard deduction? Why? Show your work to receive full credit!
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Lets break down each expense and calculate the total itemized deductions 1 Charitable contribution c... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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