Mark is a single taxpayer and works as a migrant fisherman.  He has an Adjusted Gross Income of $100,000.  Mark has the following personal expenses:

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 25MCQ
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Mark is a single taxpayer and works as a migrant fisherman.  He has an Adjusted Gross Income of $100,000.  Mark has the following personal expenses:

  • Medical expenses:   $10,500
  • State taxes paid:  $6,000
  • Property taxes paid: $7,000
  • Home mortgage interest:  $5,500
  • Charitable Contributions:   $1,000

What is the maximum amount Mark can deduct after AGI limitations?

Group of answer choices
 
a)None, he is only eligible for the $12,550 standard deduction.
b)$19,500.
c)$27,000.
d)$30,000.
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