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Problem 10-40 (LO. 2, 3, 4, 5, 6, 7) For calendar year 2021, Stuart and...

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Accounting

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Problem 10-40 (LO. 2, 3, 4, 5, 6, 7) For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance, before the 10%-of-AGI limitation but after the $100 floor) $48,600 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000 Credit card interest 800 16,300 Property taxes on home Charitable contributions 28,700 18,000 State income tax 1,200 Tax return preparation fees Round your intermediate computations to nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year. 94,514 X

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