They made the following expenditures during 2020: Category Amount Personal Expenditures Medical insurance premiums 10,000 Install a
Question:
They made the following expenditures during 2020:
Category Amount Personal Expenditures
Medical insurance premiums 10,000
Install a new deck on the house 30,000
Charitable contributions 3,000
Property taxes 5,000
Expenditures for consulting business
Dues and Subscriptions 1,000
Liability Insurance Premiums 2,000
Legal Fees 5,000
Political Contributions 3,500
4) Ted is also a licensed contractor and volunteered with Habitat for Humanity (an approved charity) during the year. The fair market value of the services he contributed is $10,000. 5) They contributed the maximum allowable amount to their health savings account.
6) The mortgage had the same balance for all of 2020.
What is the total deduction for AGI? and from AGI?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill