Question

Please assist with this tax question

The Coleman’s paid the following expenses during the year:

Dentist (unreimbursed by insurance) $1,500

Doctors (unreimbursed by insurance) $ 2,425

Prescriptions (unreimbursed by insurance) $675

Real property taxes on residence $7,525

Vehicle property tax based upon value $ 1,250

Mortgage interest on principal residence ($600,000 acquisition indebtedness) $12,550

Margin interest paid on brokerage account loan $600

Fee paid to Mouser, Johnson, and Hintze CPAs for tax preparation $1,200

Contribution to United Way $2,000

Contribution to American Cancer Society $5,000

The Coleman’s also donated clothing, electronics, furniture and other household goods to the Salvation Army of Plainville, New Jersey on April 15, 2018. The Coleman’s estimated that their cost of donated items was $5,000.  Estimated thrift value of the goods donated was $275.

What are the Coleman's itemized deductions?

Answer 1

FOR SINGLE FILERS,THE ITEMIZED DEDUCTION FOR YEAR 2018 TAX PAYER IS MAXIMUM $ 12000. HENCE FOR COLEMAN ITEMIZED DEDUCTION MAXIMUM LIMIT IS $ 12000 . MEDICAL EXPENSES, PROPERTY TAX,MORTGAGE INTEREST ON PRINCIPAL RESIDENCE ( LESS THAN $ 600,000 ),DONATION TO CHARITY ETC. ALL QUALIFY FOR ITEMIZED DEDUCTION BUT MAXIMUM LIMIT IS $ 12000.