Marigold's AGI was $85,000 in 2022. She incurred the following expenses:Property taxes on primary residenceUnreimbursed tooth extractionMortgage interest on primary residenceHomeowner's association duesAcupuncture treatments for chronic migrainesPolitical contribution to the Independent ABCPartyInterest on credit cardGym membership$5,000$1,200$9,275$1,000$1,000$100$275$475Based on the information provided, what is the amount of expenses Marigold can deductas an itemized deduction on Schedule A?

The objective of the question is to calculate the amount of expenses Marigold can deduct as an…

Answered: Marigold's AGI was $85,000 in 2022. She…

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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Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows: Real property taxes $4,750 Interest on home mortgage 5,700 Operating expenses of home 1,188 Melanie's residence cost $415,000 (excluding land) and has living space of 2,000 square feet, of which 29% (580 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $1,600 for 2019. Assume there is sufficient net income from her consulting practice. What amount can Melanie claim this year for her office in the home deduction under the Regular Method?
During the year, Maxine pays the following amounts related to her residence: Mortgage interest $8,000 Real estate taxes 4,000 Painting of exterior 2,000 Utilities 3,400 New roof 10,000 She also paid the following for her daughter's house: Real estate taxes (owned and used by daughter) $1,500 a. Which expenses are deductible by Maxine if she is eligible to itemize her deductions? b. Calculate the total dollar amount. c. Are the deductions "For" or "From" AGI?
Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2022. They incurred the following expenses and losses during the year. Calculate their itemized deductions for the year. Show all calculations for partial credit. Casualty loss in a federally declared disaster area before the $100 floor (no insurance proceeds) 22,800 Home mortgage interest 8,000 Credit card interest 1,000 State and local taxes 2,000 Real estate taxes 5,000 Charitable contributions: Cash of 2,000 and FMV of clothing given to Goodwill of 1,000 (cost of 10,000) ? Medical expenses (before the limitation) 4,000 Union dues 1,000
In 2019, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $26,100. During the year they incurred the following expenses: Medical insurance premiums $1,300 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized 400 Medical care lodging (two people, one night) 65 Hospital bills 2,100 Doctor bills 850 Dentist bills 200 Prescription drugs and medicines 340 Psychiatric care 350 In addition, they drove 80 miles for medical transportation, and their insurance company reimbursed them $800 for the above expenses. On the following segment of Schedule A of Form 1040, calculate the Murphy’s medical expense deduction.
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Leslie and Jason, who are married filing jointly, paid the following expenses during 2022: Interest on a car loan $ 130 Interest on lending institution loan (used to purchase municipal bonds) 3,150 Interest on home mortgage (home mortgage principal is less than $750,000) 2,210 Required: What is the maximum amount that they can use in calculating itemized deductions for 2022?
Vikrambhai
Tin rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows: Mortgage interest $9,000 Real estate taxes 3,000 Utilities 2,000 Maintenance 1,000 Insurance 500 Depreciation (rental part) 4,000 Using the IRS approach, total expenses that Tin can deduct on her tax return associated with the beach house are: a.$6,000. b.$0. c.$8,000. d.$12,000.
Sam, a taxpayer age 45, has the following expenses that he wants to include as itemized deductions for the year. His adjusted gross income is $50,000. What is the total itemized deduction he can take? (Show all work.) Medical expenses $4,500 Home mortgage interest $8,000 Credit card interest $450 Charitable contributions $1,500 State property taxes $2,400 Job-related expenses $1,900
Determine the total amount that will qualify for itemized deduction by the taxpayer. Rita needed some cash to attend a friend's 21st birthday COVID-themed bash in Nashville, but eas bit short of the amount required for the (safe)travel. She borrowed $500 form her sister for the trip and two months later repaid the amount along with $25 extra as an interest payment.
Marvin had the following transactions: Salary $50,000 Compensation of body injury due to car accident 15200 Bank loan (proceeds used to buy personal auto) 10,000 Alimony payment to ex-wife (divorce settled in 2018) 6,000 Child support payment 12,000 Gift from aunt Gain from sale of city of Bloomington bonds 5,000 20,000 Interest from City of Bloomington Bonds 500 Interest received on the U.S. Government bonds 1,500 Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000 Calculate Marvin’s AGI:
Thomas, a calendar year cash basis taxpayer, has the following transactions: Salary from job $50,000 Alimony paid to ex-wife (divorce after 2018) 9,000 Medical expenses 4,500 Charitable contributions 2,000 Based on this information, Thomas has: AGI of $34,500. AGI of $41,000. AGI of $50,000. Medical expense deduction of $3,075. None of the above.

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