Video Problem 10-39 (LO. 2, 3, 4, 5, 6, 7) Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business expenses 7,600 Calculate Linda's allowable itemized deductions for the year.
Video Problem 10-39 (LO. 2, 3, 4, 5, 6, 7) Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business expenses 7,600 Calculate Linda's allowable itemized deductions for the year.
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 38P
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Problem 10-39 (LO. 2, 3, 4, 5, 6, 7)
Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following expenses and losses during the year:
Medical expenses (before the 7.5%-of-AGI limitation)
$33,000
State and local income taxes
4,800
State sales tax
1,300
Real estate taxes
6,000
Home mortgage interest
5,000
Automobile loan interest
750
Credit card interest
1,000
Charitable contributions
7,000
Casualty loss (before 10% limitation but after $100 floor; not in a
Federally declared disaster area)
34,000
Unreimbursed employee business expenses
7,600
Calculate Linda's allowable itemized deductions for the year.
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