Pam and Sam Joseph file a joint return for the calendar year 2018 showing AGI of $350,000. List of their itemized deduction us provided below. Credit card interest Home mortgage interest (loan qualifies as acquisition indebtedness) Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Property taxes on home State income tax Charitable contributions Tax return preparation fees 1000 18,000 C) $70,000 D) $55,000 $48,500 18,400 19,500 28,500 1,500 All the expenses are that provided above are before any applicable limitation, unless stated otherwise. Determine the amount of itemized deduction Josephs may claim for the year. A) $132,900 B) $98,900
Pam and Sam Joseph file a joint return for the calendar year 2018 showing AGI of $350,000. List of their itemized deduction us provided below. Credit card interest Home mortgage interest (loan qualifies as acquisition indebtedness) Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Property taxes on home State income tax Charitable contributions Tax return preparation fees 1000 18,000 C) $70,000 D) $55,000 $48,500 18,400 19,500 28,500 1,500 All the expenses are that provided above are before any applicable limitation, unless stated otherwise. Determine the amount of itemized deduction Josephs may claim for the year. A) $132,900 B) $98,900
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 21CE
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Transcribed Image Text:Pam and Sam Joseph file a joint return for the calendar year 2018 showing AGI of $350,000. List
of their itemized deduction us provided below.
Credit card interest
Home mortgage interest (loan qualifies as acquisition
indebtedness)
Casualty loss in a Federally declared disaster area
after $100 floor (not covered by insurance)
Property taxes on home
State income tax
Charitable contributions
Tax return preparation fees
1000
18,000
$48,500
18,400
19,500
28,500
1,500
All the expenses are that provided above are before any applicable limitation, unless stated
otherwise.
Determine the amount of itemized deduction Josephs may claim for the year.
A) $132,900
B) $98,900
C) $70,000
D) $55,000
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