In: Accounting
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $368,100. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted.
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Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.
Answer | |
Explanation : As per 2019 Rules | |
Particulars | Amount |
Federally declared disaster area after $100 floor (not covered by
insurance) ($53,200) -($368,100*10%) |
$ 16,390 |
Home mortgage interest | $ 21,280 |
Credit card interest - Personal | $ - |
Property taxes on home | $ 10,000 |
Charitable contributions | $ 29,260 |
Tax return preparation fees | $ - |
The amount of itemized deductions the Gibsons may claim for the year | $ 76,930 |
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