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Linda, who is a heard of household with one dependent, had AGI of $150,000 for 2012. She incurred the following expenses and losses during the year:
Medical expenses before the 7.5%-of-AGI limitation $20,000
State and local income taxes 4,500
State sales tax 1,300
Real estate taxes 4,000
Home mortgage interest 4,500
Credti card interest 1,000
Charitable contributions 5,000
Casualty loss before 10% limitation(after $100 floor) 20,000
Unreimbursed employee expenses subject to the 2%-of-AGi limitation 5,000

find out Linda's allowable itemized deductions for the year.

 

Accounting Basics, Accounting

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  • Reference No.:- M940096

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