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

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Finance

  1. 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
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