John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000....
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Accounting
John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000. They have a capital loss of $8000 and tax-exempt interest income of $1000. They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000. A) Compute their AGI B)Compute their total itemized deductions. C) What is the amount of their personal exemptions? D) Compute their taxable income (Tax year is 2013)
HOW CAN WE KNOW CAPITAL LOSS IS $3000 ( IAM STUCK IN HERE)???????????????????
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