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

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 $336,900. 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) $65,200 Home mortgage interest (loan qualifies as acquisition indebtedness) 26,080 Credit card interest 1,304 Property taxes on home 19,560 Charitable contributions 35,860 State income tax 22,820 Tax return preparation fees 1,956 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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