For calendar year 2022, Stuart and Pamela Gibson file a joint return reflecting AGI of $343,400. 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 byinsurance; before the 10%-of-AGI limitation but after the $100 floor)Home mortgage interest (loan qualifies as acquisition indebtedness)Credit card interestProperty taxes on homeCharitable contributionsState income taxTax return preparation fees$46,00018,40092013,80025,30016,1001,380Round your final answers to the nearest whole dollar.Calculate the amount of itemized deductions the Gibsons may claim for the year.

To calculate the amount of itemized deductions the Gibsons may claim for the year, we need to…

Answered: For calendar year 2022, Stuart and…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 39P

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of $355,100. 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) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $72,400 28,960 1,448 21,720 39,820 25,340 2,172 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $375,900. 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 after $100 floor (not covered by insurance) $53,200 Home mortgage interest (loan qualifies as acquisition indebtedness) 21,280 Credit card interest 1,064 Property taxes on home 15,960 Charitable contributions 29,260 State income tax 18,620 Tax return preparation fees 1,596 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
During 2020, Catherine had the following deductions and adjustments to income: Schedule C (Form 1040) expenses of $15,000, standard deduction of $12,400, $8,400 alimony paid, and $3,700 casualty loss attributable to a federal disaster area. Compute her total nonbusiness deductions for NOL purposes. $15,000 $18,700 $20,800 $27,400
For calendar year 2020, Jon and Betty Hansen (ages 49 and 50) file a joint return reflecting total income (NOT AGI) of $130,000 before the following potential deductions. They incur the following expenditures: Medical expenses net of reimbursements $12,000 Personal casualty loss (not covered by insurance) before $100 and AGI floors, Federally declared disaster area 10,000 Interest on home mortgage, balance of mortgage < $750,000 8,000 Interest on credit cards 1,000 Student loan interest 2,600 Property taxes on home 6,000 State income tax 5,000 State sales tax 3,000 Charitable contributions 14,000 Gambling losses incurred (gambling winnings reported $5,000) 5,500 Betty’s contribution to her Health Savings Account 1,500 Roth IRA contribution 4,000 a. Show the calculation of AGI starting with the total income shown above of $130,000. List and label each deduction FOR AGI that you are using to compute…
Pam and Sam Joseph file a joint return for the calendar year 2018 showing AGI of $350,000. List of their itemized deduction us provided below. Credit card interest Home mortgage interest (loan qualifies as acquisition indebtedness) Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Property taxes on home State income tax Charitable contributions Tax return preparation fees 1000 18,000 $48,500 18,400 19,500 28,500 1,500 All the expenses are that provided above are before any applicable limitation, unless stated otherwise. Determine the amount of itemized deduction Josephs may claim for the year. A) $132,900 B) $98,900 C) $70,000 D) $55,000
Leslie and Jason, who are married filing jointly, paid the following expenses during 2022: Interest on a car loan $ 130 Interest on lending institution loan (used to purchase municipal bonds) 3,150 Interest on home mortgage (home mortgage principal is less than $750,000) 2,210 Required: What is the maximum amount that they can use in calculating itemized deductions for 2022?
Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2022. They incurred the following expenses and losses during the year. Calculate their itemized deductions for the year. Show all calculations for partial credit. Casualty loss in a federally declared disaster area before the $100 floor (no insurance proceeds) 22,800 Home mortgage interest 8,000 Credit card interest 1,000 State and local taxes 2,000 Real estate taxes 5,000 Charitable contributions: Cash of 2,000 and FMV of clothing given to Goodwill of 1,000 (cost of 10,000) ? Medical expenses (before the limitation) 4,000 Union dues 1,000
Robin's financial records from 2020 show the following information from the forms she received: Interest income from bank CD's: $1,600 Taxable annuity payment total: $3,200 City ad valorem property on investments: $240 Investment interest expense: $5,600 Calculate Robin's net investment income and her current investment deduction. How is a deduction for any potential excess investment interest treated? Why is it treated this way?
Arturo, a calendar year taxpayer, paid $20,300 in medical expenses and sustained a $24,360 casualty loss in 2018 (the loss occurred in a Federally declared disaster area). He expects $14,210 of the medical expenses and $17,052 of the casualty loss to be reimbursed by insurance companies in 2019. How much can Arturo include in determining his itemized deductions for 2018? Disregard %-of-AGI limitations or casualty loss floor in determining your answers. Before considering any limitations (or reductions) on deductions, Arturo can include $____ of the medical expenses and$ ____of the casualty loss when determining his itemized deductions in 2018.
For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct fill in the blank 1 % of their medical insurance premiums as a deduction for AGI in 2023. Thus, Giana may deduct $fill in the blank 2 as a deduction AGI and she may deduct $fill in the blank 4 as an itemized deduction (subject to the AGI floor).
In June 2022, a self-employed taxpayer purchased new equipment for $26,000 to be used in her business. Assuming she has net income from her business of $75,000 prior to the deduction, what is the maximum amount of cost recovery she can deduct rounded to the nearest dollar, assuming she does not elect §179 expense or bonus depreciation

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