Problem AlgorithmicLO
For calendar year Stuart and Pamela Gibson file a joint return reflecting AGI of $ Their itemized deductions are as follows: Note: All expenses are before any applicable limitations unless otherwise noted.
Casualty loss in a Federally declared disaster area not covered by
insurance; before the ofAGI limitation but after the $ floor $
Home mortgage interest loan qualifies as acquisition indebtedness
Credit card interest
Property taxes on home
Charitable contributions
State income tax
Tax return preparation fees
Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.
