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ce; before the 10%-of-AGI limitation but after the $100 floor) hortgage interest (loan qualifies as acquisition indebtedness) ard interest $61,600 24,640 1,232

ce; before the 10%-of-AGI limitation but after the $100 floor) hortgage interest (loan qualifies as acquisition indebtedness) ard interest $61,600 24,640 1,232

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $372,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $61,600 24,640 1,232 18,480 33,880 21,560 1,848 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. $
Transcribed Image Text:Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $372,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $61,600 24,640 1,232 18,480 33,880 21,560 1,848 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. $
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