Charles, who is single and age 61, had AGI of $400,000 during 2023 He incurred the following expenses and losses during the year. Medical expenses before AGI floor State and local income taxes Real estate taxes Home mortgage interest -- Old Loudonville Bank Charitable contributions -- Siena College $38,500 15,200 4,400 5,400 14,800 Unreimbursed employee expenses Gambling losses (Charles had $7,400 of gambling income) 1. Compute Charles' total itemized deductions for the year. 2. What is Charles' after tax cost of his gifts to Siena College? 3. If Charles' AGI was $90,000, would his total itemized deductions change? 8,900 9,800
Charles, who is single and age 61, had AGI of $400,000 during 2023 He incurred the following expenses and losses during the year. Medical expenses before AGI floor State and local income taxes Real estate taxes Home mortgage interest -- Old Loudonville Bank Charitable contributions -- Siena College $38,500 15,200 4,400 5,400 14,800 Unreimbursed employee expenses Gambling losses (Charles had $7,400 of gambling income) 1. Compute Charles' total itemized deductions for the year. 2. What is Charles' after tax cost of his gifts to Siena College? 3. If Charles' AGI was $90,000, would his total itemized deductions change? 8,900 9,800
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 39P
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