Lynn and Dave, a married couple, have AGI of $300,000 in 2018 and report the following itemized
Question:
Lynn and Dave, a married couple, have AGI of $300,000 in 2018 and report the following itemized deductions before deducting any floors that may apply:
Interest on their home acquisition mortgage ($750,000 principal amount) ..........................$32,000
Taxes .................................................................................................................................................13,000
Charitable contributions ................................................................................................................15,000
Medical expenses ............................................................................................................................12,000
What is their taxable income for 2018?
a. $228,000
b. $230,000
c. $240,000
d. $243,000
Step by Step Answer:
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin