•Taxpayer paid itemizeable expenses as follows: •Total medical expenses $3,500 •Property taxes – 4,000 •State income...

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Question

•Taxpayer paid itemizeable expenses as follows: •Total medical expenses $3,500 •Property taxes – 4,000 •State income...

•Taxpayer paid itemizeable expenses as follows:

•Total medical expenses $3,500

•Property taxes – 4,000

•State income tax – 500

•Mortgage interest – 2,000 (outstanding principal at YE 500,000)

•Tax prep fees – 500

•Investment management fees – 750

•Taxpayer’s AGI is 75,000.

•What is the total itemized deduction for taxpayer?

business accounting

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Answer 1

Answer #1

Here is the answer I hope it will help you .....

Property tax = 4000

State income tax = 500

Mortage intere at = 2000

Miscellaneous exp

Investment management fee = 750

Tax preparation fees = 500

Total itemized deductions = 7750

Medical deduction = 75000×10/100 = 7500

So medical expenses = 3500 doesn't count

Add a comment

Answer 2

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