John tells you that he and Mary have itemized deductions in the amount of $10,000.00...
90.2K
Verified Solution
Link Copied!
Question
Accounting
John tells you that he and Mary have itemized deductions in the amount of $10,000.00 each for 2020. He doesnt know whether to take the standard deduction for 2020. John has a high deductible health insurance policy (family plan) and contributed $8,100.00 to an HSA in 2020. He had $7,500.00 in qualified medical expenses (distributions). John and Mary have lived at 40 Depreciation Bld from May 2020 forward. Prior to that, they lived at 20 Alimony Drive since April of 2016. There was a period in 2018 when they rented an apartment in Atlanta near a specialized hospital and stayed there for 8 months due to health concerns for Mary. John and Mary sold the Alimony Drive property for $600,000 in 2020. They paid $90,000.00 for it in 2006. They put an addition on it in 2017 for $50,000.00 and paid a real estate agent $36,000.00 in fees when they sold it. Count the medical expenses that they could be itemized in tax form
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
