Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred

Question:

Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year:

Medical expenses (before the 7.5%-of-AGI limitation) …………………………    $33,000

State and local income taxes ………………………………………………………………..       4,800    

State sales tax ………………………………………………………………………………………       1,300

Real estate taxes ………………………………………………………………………………….       6,000

Home mortgage interest ……………………………………………………………………..       5,000

Automobile loan interest ……………………………………………………………………..          750

Credit card interest ……………………………………………………………………………..        1,000

Charitable contributions ……………………………………………………………………..       7,000

Casualty loss (before 10% limitation but after S 100 floor; not in a

 Federally declared disaster area) ………………………………………………...…….       34,000

Unreimbursed employee business expenses ……………………………………….       7,600    

Calculate Linda's allowable itemized deductions for the year.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337702966

22nd Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

Question Posted: