Homework Answers
Hey there, Hope this helps
A.
| Payment of alimony | Deductible for AGI |
| Mortgage interest on Resiidence | Deductible from AGI |
| Property Tax | Deductible from AGI |
| Contribution to traditional IRA | Deductible for AGI |
| Contribution to United Church | Deductible from AGI |
| Loss on the sale of real estate (held for Investment) | Deductible for AGI |
| Medical expenses | Not Deductible |
| State Income tax | Not Deductible |
| Federal income tax | Not Deductible |
Calculation of Gross income and AGI
| Particulars | Amount | Amount |
| Salary Income | 195,000 | |
| Net rent income | 1,500 | |
| Dividend income | 700 | |
| Gross income | 197,200 | |
| Less: above line items | ||
| Payment of alimony | 26,000 | |
| Contribution to traditional IRA | 4,200 | |
| Loss on the sale of real estate (held for Investment) | 2,700 | 32,900 |
| Adjusted Gross Income | 164,300 |
B.
itemised deductions are 20,600
| Itemized deductions | Amount |
| Mortgage interest on Resiidence | 4400 |
| Property Tax | 3800 |
| Medical expenses | 0 |
| State Income tax | 2700 |
| Federal income tax | 6800 |
| Contribution to United Church | 2900 |
| Grand Total | 20600 |
Daniel will be better off if he chose Standard deduction.
Best of luck
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