Problem 10-28 (a) (LO. 2) Stacey files as head of household with two dependents. She has...
Problem 10-28 (a) (LO. 2)
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2018. She incurred the following expenses and losses during the year:
|
Calculate Stacey's allowable itemized deductions for the year?
Homework Answers
Answer:
| particulars | Amount |
| Itemized deduction subject to overall limit: | |
| Local and state taxes (capped up to $10000) | $10,000 |
| Home mortgage interest | $5,900 |
| Charitable contributions | $7,000 |
| Unreimbursed employee expenses (Eliminated from 2018) | $ |
| Medical Expense 12500- (123000*7.5%) | $3,275 |
| Casualty Loss (Eliminated from 2018) | $ |
| Stacey's Allowable itemized deductions for the year is | $26,175 |
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Problem 10-28 (a) (LO. 2)
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