For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $352,500. 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 $67,000 26,800 1,340. 20,100 36,850 23,450 2,010 Property taxes on home Charitable contributions State income taxi Tax return preparation fees Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. 117,510 X
For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $352,500. 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 $67,000 26,800 1,340. 20,100 36,850 23,450 2,010 Property taxes on home Charitable contributions State income taxi Tax return preparation fees Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. 117,510 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $352,500. 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)
$67,000
Home mortgage interest (loan qualifies as acquisition indebtedness)
Credit card interest
26,800
1,340,
Property taxes on home.
Charitable contributions
State income tax
Tax return preparation fees
Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.
117,510 X
20,100
36,850
23,450
2,010
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