Question

George is single and age 56, has AGI of $265,000, and incurs the following expenditures in this year.

Medical expenses (before 7.5% floor)	$27,000
Interest on home mortgage	15,500
State income tax	7,500
State sales tax	4,500
Real estate tax	8,600
Charitable contribution	6,500

1. The charitable contribution, on these facts, is

   	a.	deductible
   	b.	not deductible
   	c.	only deductible at 50 percent
   	d.	only deductible at 30 percent
   	e.	None of the above.

2 points   

QUESTION 45

1. The overall phaseout of itemized deductions

   	a.	was repealed by the TCJA of 2017
   	b.	applies in this example
   	c.	it is impossible to determine from the facts given whether or not the overall phaseout of itemized deductions applies
   	d.	All of the above.
   	e.	None of the above.

Answer 1

1) Option A

the charitable contribution, on these facts, is deductible

2) Option A

The overall phaseout of itemized deductions was repealed by the TCJA of 2017