Duke and Pat Collins have adjusted gross income of $358,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% of adjusted gross income, $3,000 in property taxes, $4,000 in housing interest, and $5,000 in miscellaneous itemized deductions. What is the amount of their itemized deductions?
Duke and Pat Collins have adjusted gross income of $358,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% of adjusted gross income, $3,000 in property taxes, $4,000 in housing interest, and $5,000 in miscellaneous itemized deductions. What is the amount of their itemized deductions?
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 38P
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- Duke and Pat Collins have adjusted gross income of $358,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% of adjusted gross income, $3,000 in property taxes, $4,000 in housing interest, and $5,000 in miscellaneous itemized deductions. What is the amount of their itemized deductions?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT