Homework Answers
For the gross income wages, interest received from banks is to be included. We assume interest from city of san diego to be income from state bond and thus not include in this. Gifts from grandma are excluded. lottery can be included.
For the deductible purposes all the losses or cash outflows need to be considered. Thus AGI is as follows
INcome = 140000+500+8000 = 148500.
Expenses = 10000+20000+8000+2000 = 40000.
AGI = 148500-40000 = 108500.
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