Ask Question
28 July, 23:52

Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019?• $8,000 in unreimbursed medical expenses • $5,400 in state and local income taxes • $6,000 in real estate taxes • $400 in ad valorem personal property taxes • $4,300 in mortgage interest • $1,800 in interest from a home equity loan used to pay credit card debt • $2,000 in charitable contributions • $600 in dues to professional organizations • $180 for a safe deposit box rental • $200 for subscriptions to professional journals • $225 in tax preparation fees • $1,000 in union dues A. $16,300 B. $18,300 C. $20,100 D. $21,105

+4
Answers (2)
  1. 29 July, 02:25
    0
    B. $18,300

    Explanation:

    Particulars Amount (in $)

    Deduction for unreimbursed medical expeses 2,000

    State and local taxes 10,000

    Mortgage interest 4,300

    Credit card debt -

    Charitable contributions 2,000

    Professional organizations -

    Safe & deposit box rental -

    Subscriptions -

    Tax preparation fees -

    Union dues -

    18,300

    AGI 60000

    10% of AGI 6000

    unreimbursed medical expeses 8000

    Deduction for unreimbursed medical expeses 2000

    Working Note 2

    State and local taxes 5400

    Real estate taxes 6000

    Personal property taxes 400

    Total 11800

    Limited to 10000

    Therefore, The answer is $18,300
  2. 29 July, 03:37
    0
    19,800

    Explanation:

    ... because the 10% threshold for medical allowances until 2020. In 2019 it was 7.5% which makes the medical deduction $3500 instead of $2000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers