Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year:Medical expenses (before the 10%-of-AGI limitation)$33,000State and local income taxes4,800State sales tax1,300Real estate taxes6,000Home mortgage interest5,000Automobile loan interest750Credit card interest1,000Charitable contributions7,000Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area)34,000Unreimbursed employee business expenses7,600Calculate Linda's allowable itemized deductions for the year.

Itemized Deductions - It includes amounts paid by you to state and local income/sales taxes,…

Answered: Linda, who files as a single taxpayer,…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year:

Medical expenses (before the 10%-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 $100 floor; not in a Federally declared disaster area)	34,000
Unreimbursed employee business expenses	7,600