Business Homework Solutions
#108557
Itemized deductions - limitations on certain types of deductions
For 2006, Jon & Betty Smith file a joint return with AGI of $240,000. Their itemized deductions are the following:
Medical expenses before AGI floor $23000
Casualty loss (not covered by insurance) before statutory floors $26,000
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 filing fees $1200
After all necessary adjustments are made, what is the amount of itemized deductions the Hansens may claim?
The solution discusses each deduction and the limits which could apply to the amount.
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