Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI This year they have recorded the following expenses Home mortgage interest (acquisition debt of $300,000) $16,640 Real estate taxes 5,400 State income taxes paid 6,300 Medical expenses (unreimbursed) 1,800 E...

Karin and Chad both are decided to analyze their d ...

Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This

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Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This year they have recorded the following expenses:


Home mortgage interest (acquisition debt of $300,000)	$16,640
Real estate taxes	5,400
State income taxes paid	6,300
Medical expenses (unreimbursed)	1,800
Employee business expenses (unreimbursed)	450
Charitable contributions (cash to their church)	760

Karin and Chad will file married jointly. Calculate their taxable income.

This question does not ask for the standard deduction found on other similar problems, also is both the real estate taxes and State income tax paid both deductible? I am under the impression it is one or the other? Please show all workings.

Posted Date: Nov 22, 2021 04:27 AM

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Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This

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