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Problem 10-40(Algorithmic)(LO.2,3,4,5,6,7) For calendar year 2023, Stuart and Pamela Gibson file a...

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Accounting

Problem 10-40(Algorithmic)(LO.2,3,4,5,6,7)
For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of $359,000. 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) $49,600
Home mortgage interest (loan qualifies as acquisition indebtedness)19,840
Credit card interest 992
Property taxes on home 14,880
Charitable contributions 27,280
State income tax 17,360
Tax return preparation fees 1,488
Round your final answers to the nearest whole dollar.
Calculate the amount of itemized deductions the Gibsons may claim for the year.

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