Question

Antoine is single and has AGI of $277,000 for 2018. He incurred the following expenses and losses during the year:

Medical expenses before the 7.5%-of-AGI limitation	$37,300
State and local income taxes	2,700
State sales tax	2,900
Real estate taxes	13,400
Home mortgage interest	12,800
Credit card interest	815
Charitable contribution	11,700
Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses subject to the 2%-of-AGI limitation	20,600 14,400
If required, round any computations to the nearest dollar. Calculate Antoine's allowable itemized deductions for the year.

Answer 1

	Antoine
	Taxable Income
	Annual Gross Income	$ 2,77,000.00
	Less: Itemized Deductions
	Medical Expenses=($37300-(10% of $277000))=	$       9,600.00
	Real Estate Taxes	$     13,400.00
	State Income Taxes Paid	$       2,700.00
	State sales tax	$       2,900.00
	Home morgage interest	$     12,800.00
	Casualty loss($20600-(10% of $277000)	$                    -
	Charitable Contribution	$       4,800.00
	Unrembursed Employee expenses=($14400-(2% of $277000))	$       8,860.00
	Total Itemized Deduction	$     55,060.00
	Total Itemized Deduction(Nearst dollor)	$     55,100.00
	Taxable Income($277000-$55060)	$ 2,21,900.00
	Itemized deductions includes State and local income taxes and state and local state tax.
	Itemized deductions includes Real estate tax.
	Itemized deductions includesHome mortgage interest & charitable contribution.
	Itemized deduction does not includes credit card interest.