Michelle itemizes her deductions each year, rather than taking the standard deduction, and she seeks to maximize her deductions Her adjusted gross income in 2023 is $120,000 She pays the following A cash donation to the local opera (a qualified charity) in the amount of $80,000 for production of a new Wagner Ring cycle Michelle had been saving money for years to make this contribution State and local sales taxes, $2,000 State and local income taxes, $5,000 State and local property taxes, $6,000 Unreimbursed medical expenses, $5,000 Interest on a home mortgage taken out in 2016 with an original loan amount of $900,000 (acquisition indebtedness), $24,000 Calculate Michelle's itemized deductions for 2023 Describe any amounts that will be carried over to a future year

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Question: Michelle itemizes her deductions each year, rather than taking the standard deduction, and she seeks to maximize her deductions. Her adjusted gross income in 2023

Michelle itemizes her deductions each year, rather than taking the standard deduction, and she seeks to maximize her deductions. Her adjusted gross income in 2023 is $120,000. She pays the following:

A cash donation to the local opera (a qualified charity) in the amount of $80,000 for production of a new Wagner Ring cycle. Michelle had been saving money for years to make this contribution
State and local sales taxes, $2,000
State and local income taxes, $5,000
State and local property taxes, $6,000
Unreimbursed medical expenses, $5,000
Interest on a home mortgage taken out in 2016 with an original loan amount of $900,000 (acquisition indebtedness), $24,000

Calculate Michelle's itemized deductions for 2023. Describe any amounts that will be carried over to a future year.

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