RJ has the following expenses in 2020: Medical Expenses $10,000 State Taxes $7000 Real Estate Taxes $8000
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RJ has the following expenses in 2020: Medical Expenses $10,000 State Taxes $7000 Real Estate Taxes $8000 Cash Charitable Contributions $500 Mortgage Interest $6500 Continuing education costs Employer didn’t pay for $300 Gambling Losses $1000 RJ’s mortgage was to buy his house and had a principal amount of $600,000. RJ files single and his 2020 AGI is $95,000, including $750 of gambling winnings. How much are RJ’s itemized deductions in 2020?
a. None of these
b. $21,725
c. $21,025
d. $20,975
e. $20,725
Related Book For
South western Federal Taxation 2017 Essentials of Taxation Individuals and Business Entities
ISBN: 9780357109144
20th edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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