Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2023: Doctor and hospital bills $4,500 Dust elimination system 10,000 Increase in utility bills due to the system 450 Cost of certified appraisal 300 In addition, Paul pays $750 for prescribed medicines. The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul's residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul's AGI for the year was $50,000. a. What is the total of Paul's qualifying medical expenses for 2023?$fill in the blank 1 b. What is his medical expense deduction for 2023?

Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2023: Doctor and hospital bills $4,500 Dust elimination system 10,000 Increase in utility bills due to the system 450 Cost of certified appraisal 300 In addition, Paul pays $750 for prescribed medicines. The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul's residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul's AGI for the year was $50,000. a. What is the total of Paul's qualifying medical expenses for 2023?$fill in the blank 1 b. What is his medical expense deduction for 2023?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 21P

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Bernadette suffers from multiple sclerosis and has great difficulty climbing stairs. Upon the recommendation of her physician, she has an elevator chair-system installed in her personal residence. In connection with the system, Bernadette incurs and pays the following amounts during the current year: Doctor and hospital bills $6,700 Elevator chair-system 19,500 Installation charge for elevator chair-system 1,500 Cost of certified appraisal 500 In addition, Bernadette pays $1,350 for prescribed medicines. The system has an estimated useful life of 25 years. The appraisal was to determine the value of Bernadette's residence with and without the system. The appraisal states that her residence was worth $224,000 before the system was installed and $240,000 after the installation. Bernadette's AGI for the year was $83,000. What is the total of her qualifying medical expenses for 2018?$ What is her medical expense deduction for the current year?$
Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2021: Doctor and hospital bills $4,500 Dust elimination system 10,000 Increase in utility bills due to the system 450 Cost of certified appraisal 300 In addition, Paul pays $750 for prescribed medicines. The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul's residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul's AGI for the year was $50,000. a. What is the total of Paul's qualifying medical expenses for 2021? b. What is his medical expense deduction for 2021?
Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 7,800 $ 50,000 State Museum Antique painting 6,400 3,840 A needy family Food and clothes 680 410 United Way Cash 36,000 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin's AGI is $240,000.
Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 5,600 $ 28,000 State Museum Antique painting 5,300 3,180 A needy family Food and clothes 460 280 United Way Cash 14,000 14,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) c. Calvin’s AGI is $64,000. d. Calvin’s AGI is $130,000 and Hobbs is a private nonoperating foundation. e. Calvin’s AGI is $130,000, but the painting is worth $28,000.
Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock A needy family Antique painting Food and clothes Cash Cost $ 5,200 5,100 420 10,000 FMV $ 24,000 3,060 250 10,000 State Museum United Way Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) roblem 7-34 Part-d (Algo) Calvin's AGI is $110,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. Charitable contribution deduction Carryover $ 13,060 $ 2,000
Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 5,400 $ 26,000 State Museum Antique painting 5,200 3,120 A needy family Food and clothes 440 260 United Way Cash 12,000 12,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances e. Calvin’s AGI is $120,000, but the painting is worth $22,000. Charitable contribution deduction? Carryover ?
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Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV $ 5,200 $ 24,000 3,060 Hobbs Medical Center IBM stock State Museum Antique painting 5,100 A needy family United Way Food and clothes 420 250 Cash 10,000 10,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) b. Calvin's AGI is $110,000, but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover
Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV $ 5,200 $ 24,000 3,060 Hobbs Medical Center IBM stock State Museum Antique painting 5,100 A needy family United Way Food and clothes 420 250 Cash 10,000 10,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) a. Calvin's AGI is $110,000. Charitable contribution deduction Carryover
Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way c. Calvin's AGI is $119,000. Item IBM stock. Antique painting Food and clothes Cash Charitable contribution deduction. Carryover Cost $7,800 6,400 680 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 50,000 3,840 410 36,000
Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV $ 5,200 5,100 $ 24,000 3,060 Hobbs Medical Center IBM stock State Museum Antique painting A needy family United Way Food and clothes 420 250 Cash 10,000 10,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Calvin's AGI is $110,000 and Hobbs is a private nonoperating foundation. Charitable contribution deduction Carryover
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?