Connie and Dave Barney are married and file a joint return. They have an Adjusted...
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Accounting
Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2020. They incurred the following expenses and losses during the year. Calculate their itemized deductions for the year. Show all calculations for partial credit.
| Casualty loss in a federally declared disaster area after the $100 floor (no insurance proceeds) | 22,800 |
| Home mortgage interest | 8,000 |
| Credit card interest | 1,000 |
| State and local taxes | 2,000 |
| Real estate taxes | 5,000 |
| Charitable contributions: Cash of 2,000 and FMV of clothing given to Goodwill of 1,000 (cost of 8,000) | ? |
| Medical expenses (before the limitation) | 4,000 |
| Union dues | 1,000 |
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