For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $368,100....

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.

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.

Solutions

Expert Solution

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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