Question: Please help 3. After reviewing the draft 2020 tax return you learn that George moved out of the Maple Avenue home shortly after his spouse

Please help

3. After reviewing the draft 2020 tax return you learn that George moved out of the Maple Avenue home shortly after his spouse died. George (and his dependent child) lived at the home for only 11 days during 2020. The Maple Avenue residence was rented for 180 days during 2020. The rental income was $10,000. The property was vacant for the remainder of the year. Which of the following statement are most accurate: (a) The amount George can deduct via a standard deduction will be greater than the amount he can deduct by itemizing his deductions on Scheduled A. (b) The amount George can deduct via a standard deduction will be less than the amount he can deduct by itemizing his deductions on Scheduled A. George cannot itemize his deductions if he and his spouse took a standard deduction in 2019. None of the above.George is a new client. He is 56 years old. His spouse passed away during 2019. George has not remarried. He maintains a household for himself and his dependent child. His home is 112 Maple Avenue. He purchased the home in 2017 and took out a mortgage in the amount of $500,000. George's 2020 AGI is $265,000. He provides you with a draft tax 2020 return he prepared for your review. The draft took into account the following expenditures incurred in 2020. . Medical expenses $27,000 . Interest on home mortgage $25,500 . State income tax $14,500 . State sales tax $4,500 . Real estate tax $1,600 . Charitable contribution $6,500 1. What is George's filing status for 2020? (a) Single (b) Married Filing Jointly (c) Head of Household (d) Surviving Spouse/Qualifying Widower (e) More information regarding his prior years filing status is required. 2. Which of the following statements is most accurate (based on the initial information provided) for the 2020 tax return? (a) The amount George can deduct via a standard deduction will be greater than the amount he can deduct by itemizing his deductions on Scheduled A. (b) The amount George can deduct via a standard deduction will be less than the amount he can deduct by itemizing his deductions on Scheduled A. (c) George cannot itemize his deductions if he and his spouse took a standard deduction in 2019. (d) None of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please help. 3. After reviewing the draft 2020 tax return you learn that George moved out of the Maple Avenue home shortly after his spouse died. George (and his dependent child) lived at the home...

Hi I need help please to fill out 1040Pg1,1040PG2,schedule 1,and schedule 2.Please help me! Thank you! ch Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021. She is 45...

Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...

George is a new client. He is 56 years old. His spouse passed away during 2018. His filing status for 2018 was married filing jointly. George has not remarried. He maintains a household for himself...

Dernet- 11040 U.S. Individual Income Tax Return 2020 OMSN 15450074 SUNOORIN Filing Status Single Married fling jointly Married fingray MFS Head of household OH Oualifying widower) (W) Check only #...

PLEASE FILL UP ALL THE 1040 FORMS THAT ARE LISTED (SCHEDULE A, B, C, D, E, SE, FORM 8949, AND SCHEDULE 1) Thank you. forms can be downloaded on the IRS website Practice Set #2.pdf + E C O File...

PLEASE NEED Form 1040 Schedule 1 1040 Schedule 2 1040 Schedule 3 1040 Schedule A Schedule B Schedule C Schedule D Schedule E Schedule SE Form 8863 Form 8995 2 separate Form 4562 1. Armando Z. and...

Question Number Two Thirty-eight multiple choice exercises/problems appear below. You must answer alt of them. For each problem you answer, insert the letter which incicates the correct answer. in...

Use the following information to complete Armando and Lourdes Gonzaless 2019 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. Armando Z. and...

A 2.50 mol sample of an ideal gas expands reversibly and isothermally at 360 K until its volume is doubled. What is the increase in entropy of the gas?

A safety engineer claims that only 40% of all workers wear safety helmets when they eat lunch at the workplace. Assuming that his claim is right, find the probability that 4 of 6 workers randomly...

Winder corporation is a specialty component manufacturer with idle capacity. What would be the relevant cost of the materials, in total, for purposes of determining a minimum acceptable price for the...

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....