For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their
Question:
For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows:
Casualty loss in a Federally declared disaster area after
$100 floor (not covered by insurance) ............................................................................$48,600
Home mortgage interest (loan qualifies as acquisition indebtedness) ........................19,000
Credit card interest ..................................................................................................................800
Property taxes on home ....................................................................................................16,300
Charitable contributions ....................................................................................................28,700
State income tax .................................................................................................................18,000
Tax return preparation fees ................................................................................................1,200
Calculate the amount of itemized deductions the Gibsons may claim for the year.
Step by Step Answer:
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young