Question: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which includes gambling winnings of $1,000. Michael would

Michael is 49 years old and files as single. His 2021

Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which includes gambling winnings of $1,000. Michael would like to itemize his deductions this year. Michael brings documentation for the following expenses: - $8,200 Hospital and doctor bills - $700 Contributions to Health Savings Account (HSA) - $2,500 Long Term Care Insurance premiums before age limitation applied - $3,400 State withholding (higher than Michael's calculated state sales tax deduction) - $300 Personal property taxes based on value of vehicle - $400 Friend's personal GoFundMe campaign - $275 Cash contributions to the Red Cross - $100 Fair market value of clothing in good condition donated to the Salvation Army (Michael purchased clothing for $800) - $7,500 Mortgage interest - $820 Real estate tax - $230 Mortgage Insurance Premiums (PMI) on a home he purchased in 2017. - $150 Homeowners association fees - $2,000 Gambling losses 1. Michael's mortgage insurance premium of $230 can be claimed as an itemized deduction on his Schedule A. a. True b. False 22. What amount of gambling losses is Michael eligible to claim as a deduction on his Schedule A

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