South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 10, Problem 40P
To determine
Compute the amount of itemized deductions that Person G may claim for the year.
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For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of
$355,100. 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
$72,400
28,960
1,448
21,720
39,820
25,340
2,172
Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.
Clarke, age 39, and Jessica, age 50, are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $105,000; they receive $2,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $5,100; they have itemized deductions totalling $40,000. Calculate the following amounts:
a.
Gross income
b.
Adjusted gross income
c.
Itemized deduction or standard deduction amount
d.
Deduction for exemptions
e.
Taxable income
f.
Regular income tax liability from rate schedule
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $375,900. 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 after $100 floor (not covered by insurance)
$53,200
Home mortgage interest (loan qualifies as acquisition indebtedness)
21,280
Credit card interest
1,064
Property taxes on home
15,960
Charitable contributions
29,260
State income tax
18,620
Tax return preparation fees
1,596
Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.
Chapter 10 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Cheryl incurred 8,700 of medical expenses in...Ch. 10 - LO.2 David, a sole proprietor of a bookstore, pays...Ch. 10 - Prob. 6DQCh. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQCh. 10 - LO.5 Thomas purchased a personal residence from...
Ch. 10 - Prob. 12DQCh. 10 - Prob. 13DQCh. 10 - William, a high school teacher, earns about 50,000...Ch. 10 - LO.2 Barbara incurred the following expenses...Ch. 10 - Prob. 16CECh. 10 - Prob. 17CECh. 10 - Prob. 18CECh. 10 - Prob. 19CECh. 10 - Prob. 20CECh. 10 - Prob. 21CECh. 10 - Prob. 22PCh. 10 - Prob. 23PCh. 10 - Paul suffers from emphysema and severe allergies...Ch. 10 - Prob. 25PCh. 10 - Prob. 26PCh. 10 - In May, Rebeccas daughter, Isabella, sustained a...Ch. 10 - Prob. 28PCh. 10 - Prob. 29PCh. 10 - Prob. 30PCh. 10 - Prob. 31PCh. 10 - Prob. 32PCh. 10 - Prob. 33PCh. 10 - Prob. 34PCh. 10 - Prob. 35PCh. 10 - Prob. 36PCh. 10 - Prob. 37PCh. 10 - Prob. 38PCh. 10 - Prob. 39PCh. 10 - Prob. 40PCh. 10 - Prob. 41CPCh. 10 - Prob. 3RPCh. 10 - Prob. 1CPACh. 10 - Prob. 2CPACh. 10 - Prob. 3CPACh. 10 - Kurstie received a 800 state income tax refund...Ch. 10 - Which of the following would preclude a taxpayer...
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