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In: Accounting

Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following...

Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following expenses during the year:

Medical expenses before 10%-of-AGI limitation $20,540

State and local income taxes $10,416

Real estate taxes $2,083

Home mortgage interest $17,360

Charitable contributions $4,166

Deductible investment interest expense $1,562

Compute the amount of Pedro's itemized deductions after any applicable reductions. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.

Expert Solution

Itemized deductions

Medical & Dental Expense

Medical Expenses $ 20,540

Taxes Paid

State & Local Income Taxes $ 10,416

Real Estate Taxes $ 2,083

Interest Paid

Home mortgage interest $17,360

Deductible investment interest expense $1,562

Charities Paid

Charitable contributions $4,166

Total $ 56,127

ekkarill92 answered 1 year ago

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