For 2006, Jon & Betty Smith file a joint return with AGI of $240,000. Their itemized deductions are the following:
Medical expenses before AGI floor $23000
Casualty loss (not covered by insurance) before statutory floors $26,000
Interest on home mortgage $10,000
Interest on credit cards $800
Property taxes on home $13,000
Charitable contributions $17,000
State income tax $15,000
Tax return filing fees $1200
After all necessary adjustments are made, what is the amount of itemized deductions the Hansens may claim?
This question was answered on: Sep 16, 2020
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