Tisti purchased a residence this year. This voor Misti recei
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 2BCRQ
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Question
F.26.
Transcribed Image Text:12.
Misti purchased a residence this year. Misti, age 32, is a single parent and
lives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and made
following payments:
Home mortgage interest ($500,000 acquisition debt)
Real estate taxes
State income taxes paid
Income tax preparation fee
Charitable contributions (cash to their church)
Misti files as a head of household. What is Misti's taxable income this year?
a. $139,765
b. $140,600ndenad
c. $142,015
d. $147,050
ognadoxa 40012
Marginal
$15,000
1,525
1,340
2,250
120
ho
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