Fred is single and aged 50. For this tax year he reported the following income:...
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Fred is single and aged 50. For this tax year he reported the following income: $59,800 in wages $200 in interest $10,000 in gambling winnings $5,000 in short-term capital gains. Perry has the following expenses: $2,500 in medical expenses (doctors, dentists, eyeglasses and prescription medications) $8,000 of mortgage interest paid $2,000 in real estate taxes $1,600 in state taxes $12,000 in gambling losses $3,400 in unreimbursed employee business expenses. What will be the total of his Schedule A itemized deductions? Show your work.
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