Problem 10 40 (Algorithmic) (LO 2, 3, 4, 5, 6, 7) For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of $385,000 Their itemized deductions are as follows Note All expenses are before any applicable limitations, unless otherwise noted Casualty loss in a Federally declared disaster area (not covered by insurance before the 10 of AGI limitation but after the $100 floor) $56,800 Home mortgage interest (loan qualifies as acquisition indebtedness) 22,720 Credit card interest 1,136 Property taxes on home 17,040 Charitable contributions 31,240 State income tax 19,880 Tax return preparation fees 1,704 Round your final answers to the nearest whole dollar Calculate the amount of itemized deductions the Gibsons may claim for the year

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Question: Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of

Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7)

For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of $385,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted.

Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor)	$56,800
Home mortgage interest (loan qualifies as acquisition indebtedness)	22,720
Credit card interest	1,136
Property taxes on home	17,040
Charitable contributions	31,240
State income tax	19,880
Tax return preparation fees	1,704

Round your final answers to the nearest whole dollar.

Calculate the amount of itemized deductions the Gibsons may claim for the year. ______________???________________

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