Question

is this correct answer?

Note: Please select b. False as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions? $ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 11800 • $8,000 in unreimbursed medical expenses • $5,400 in state and local income taxes • $6,000 in real estate taxes • $400 in ad valorem personal property taxes • $4,300 in mortgage interest • $1,800 in interest from a home equity loan used to pay credit card debt • $2,000 in charitable contributions • $600 in dues to professional organizations • $180 for a safe deposit box rental • $200 for subscriptions to professional journals • $225 in tax preparation fees • $1,000 in union dues Note: Please use the updated 7.5% medical expense deduction floor to calculate this answer.

Answer 1

Answer is $ 18,300

Particulars	Amount	Remarks
Deduction for unreimbursed medical expenses	$    2,000	See calculation below
State and local taxes	$ 10,000	See calculation below
Mortgage interest	$    4,300	This is allowed as it is within the limits
Credit card debt	$          -	Not allowed as deduction
Charitable contributions	$    2,000	This is allowed as it is within the limits
Professional organizations	$          -	Not allowed as deduction
Safe and deposit box rental	$          -	Not allowed as deduction
Subscriptions	$          -	Not allowed as deduction
Tax preparation fees	$          -	Not allowed as deduction
Union dues	$          -	Not allowed as deduction
	$ 18,300

AGI	$ 60,000
10% of AGI	$    6,000
Unreimbursed medical expenses	$    8,000
Deduction for unreimbursed medical expenses	$   2,000

State and local taxes	$         5,400
Real estate taxes	$         6,000
Personal property taxes	$            400
Total	$       11,800
Limited to	$       10,000