1.Charles, who is single and age 61, had AGI of $400,000 during 2020. He incurred the following expenses and losses during the year. Medical expenses before AGI floor$28,500State and local income taxes15,200Real estate taxes4,400Home mortgage interest5,400Charitable contributions14,800Unreimbursed employee expenses8,900Gambling losses (Charles had $7,400 of gambling income)9,800Compute Charles's total itemized deductions for the year.
1.Charles, who is single and age 61, had AGI of $400,000 during 2020. He incurred the following expenses and losses during the year. Medical expenses before AGI floor$28,500State and local income taxes15,200Real estate taxes4,400Home mortgage interest5,400Charitable contributions14,800Unreimbursed employee expenses8,900Gambling losses (Charles had $7,400 of gambling income)9,800Compute Charles's total itemized deductions for the year.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 44P
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Transcribed Image Text:1.Charles, who is single and age 61, had AGI
of $400,000 during 2020. He incurred the
following expenses and losses during the
year. Medical expenses before AGI
floor$28,500State and local income
taxes15,200Real estate taxes4,400Home
mortgage interest5,400Charitable
contributions14,800Unreimbursed employee
expenses8,900Gambling losses (Charles had
$7,400 of gambling income)9,800Compute
Charles's total itemized deductions for the
year.
2.For the following exchanges, indicate which
qualify as like-kind property.a.lnventory of a
sporting goods store in Charleston for land in
Savannah.b.lnvestment land in Virginia Beach
for office building in Williamsburg.c.Used
automobile used in a business for a new
automobile to be used in the
business.d.Investment land in Paris for
investment land in San Francisco.e.Shares of
Texaco stock for shares of Exxon Mobil stock.
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Author:
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Publisher:
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