Linda, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following
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Calculate Lindas allowable itemized deductions for the year.
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Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,500 State sales tax 1,300 Real estate taxes 4,000 Home mortgage interest 5,000 Automobile ban interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor) Unreimbursed employee expenses subject to the 2%-of-AGI limitation 34,000 7,600
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Lindas itemized deductions before the overall limitation are computed as follows Medical expenses 33...View the full answer
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South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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