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(Solved) (Latest ver. Aug 2020) - Itemized Deductions Limitations

Brief item decscription


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Question:

Bob, who is single had AGI of $400,000 in 2006. He incurred the following expenses & losses during the year.

Medical expenses before 7.5% of AGI limitation $39,500
State & local income taxes $5,200
Real Estate taxes $4,400
Home mortgage interest $5,400
Charitable contributions $4,800
Casualty loss before 10% limitation (after $100 floor) $47,000
Unreimbursed employee expense subject to 2%-of-AGI limit $8,900
Gambling losses (Charles had $7,400 of gambling income) $9800

Compute Bob's itemized deductions before & after the overall limitation.

 







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