For calendar year 2017, Thurston and Eunice Howell (ages 59 and 60) file a joint return...

90.2K

Verified Solution

Question

Finance

For calendar year 2017, Thurston and Eunice Howell (ages 59 and60) file a joint return reflecting AGI of $280,000. They incur thefollowing expenditures:
Medical expenses before 10%-of-AGI floor
$30,000
Casualty loss (not covered by insurance) before statutoryfloors
30,000
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 preparation fees
1,200
What is the amount of itemized deductions the Thurstons mayclaim?

Answer & Explanation Solved by verified expert

4.1 Ratings (775 Votes)

Allowable deduction Medical expenses before 10ofAGI floor 30000 9000 Working 1 Casualty loss not covered by insurance before statutory floors 30000 Working 2 Interest on home mortgage 10000 10000 Note 1 Interest on credit cards 800 0 Note See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Medical expenses before 10%-of-AGI floor	$30,000
Casualty loss (not covered by insurance) before statutoryfloors	30,000
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 preparation fees	1,200