For calendar year 2015, Stuart and Pamela Gibson file a joint return reflecting

Question

For calendar year 2015, Stuart and Pamela Gibson file a joint return reflecting AGI of $317,600. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted.

Casualty loss after $100 floor (not covered by insurance) $56,200

Home mortgage interest 22,480

Credit card interest 1,124

Property taxes on home 16,860

Charitable contributions 30,910

State income tax 19,670

Tax return preparation fees 1,686

Round your final answers to the nearest whole dollar.

The Gibson's total itemized deductions before any phaseout are $ .

The Gibson's total itemized deduction is $ .

Explanation / Answer

The Gibson's itemized deductions are as shown below:

Particulars Amount ($) Amount ($) Deductions AGI 3,17,600 Casualty loss after $100 floor (not covered by insurance) 56,200 24,440 Home mortgage interest 22,480 22,480 Credit card interest 1,124 0 Property taxes on home 16,860 16,860 Charitable contributions 30,910 30,910 State income tax 19,670 19,670 Tax return preparation fees 1,686 0 1,14,360

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