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Elaine and John are married taxpayers who file a joint return. In 2012, they had AGI of $600,000 and their preliminary itemized deductions totaled $40,000. In 2013, they will also have AGI of $600,000 and preliminary itemized deductions of $40,000. In 2012 and 2013 their itemized deductions include mortgage interest. Which of the following is TRUE?

a. When comparing their 2012 and 2013 returns, they will deduct more itemized deductions on their 2013 return

b. When comparing their 2012 and 2013 returns, they will deduct more itemized deductions on their 2012 return

c. When comparing their 2012 and 2013 returns, they will deduct the same amount of itemized deductions on each return

d. They will not deduct any itemized deductions on either their 2012 return or their 2013 return

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942345

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