For calendar year 2019, Stuart and Pamela Gibson file a jointreturn reflecting AGI of $350,000. Their itemized deductionsare as follows:Casualty loss in a Federally declared disaster area after$100 floor (not covered by insurance) $48,600Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000Credit card interest 800Property taxes on home 16,300Charitable contributions 28,700State income tax 18,000Tax return preparation fees 1,200Calculate the amount of itemized deductions the Gibsons may claim for the year.
For calendar year 2019, Stuart and Pamela Gibson file a jointreturn reflecting AGI of $350,000. Their itemized deductionsare as follows:Casualty loss in a Federally declared disaster area after$100 floor (not covered by insurance) $48,600Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000Credit card interest 800Property taxes on home 16,300Charitable contributions 28,700State income tax 18,000Tax return preparation fees 1,200Calculate the amount of itemized deductions the Gibsons may claim for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| For calendar year 2019, 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. |
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