Calros and Mary are married with two dependent children, file a joint return. Th

Question

Calros and Mary are married with two dependent children, file a joint return. They provide you with the following information:

Medical and dental expenses (not reimbursed)   $ 3,650     
State income taxes   3,950     
Real estate taxes   4,710     
Personal property taxes (ad valorem)   325     
Interest on home mortgage   17,800     
Form 4952 shows deductible investment interest   800     
Charitable contributions (made by cash or check)   2,000     
Form 4684 shows a casualty loss deduction   600     
AGI   188,850  
What is the total amount of the Carlos’ itemized deductions?

Explanation / Answer

total amount of itemized deductions = $33,235

Medical and dental expenses (not reimbursed)   $ 3,650     
State income taxes   3,950     
Real estate taxes   4,710     
Personal property taxes (ad valorem)   325     
Interest on home mortgage   17,800     
Form 4952 shows deductible investment interest   800     
Charitable contributions (made by cash or check)   2,000

NOTE : casuality loss deduction can be availed only when amount exceeds 10% of AGI . Hence not allowed in this case

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.