Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. john tells you that he and mary have itemized dedu

John tells you that he and Mary have itemized deductions in the amount of $10,000.00...

90.2K

Verified Solution

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1 point If r t cos 5t i sin 5t j 6tk computer t and...

Calculus
Q

A nutritionist wants to determine how much time nationally people spend eating and drinking. Suppose for...

Basic Math
Q

A construction company is creating a quantitative model for use in bidding on new projects. The...

General Management
Q

a)  A coin is flipped 6 times, find the probability of getting exactly 4 heads.  Hint: The Binomial...

Basic Math
Q

What allows an organism to sense its environment and formulate a proper biochemical response a...

Biology
Q

An aluminium measuring rod which is correct at 5 C measures the length of a...

Physics
Q

Find the center and radius of the circle represented by the equation below x 11...

Geometry
Q

Let g(x)=4x-3. Find g(2.5).g(2.5) =(Type an integer or a decimal.)

Basic Math
Q

most favourable alternative? By how much in total? P9-13...

Accounting
Q

If an amount box does not require an entry, leave it blank

Accounting
Q

Create a word document table that outlines the major differences, red flags, and controls for...

Accounting
Q

Rafner Manufacturing has the following budgeted data for its two production departments. \table[[Budgeted Data,Assembly,Finishing],[Overhead...

Accounting