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Calculate Daniel AGI

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Problem - Daniel, age 38, is single and has the following income and expenses in 2019:

Salary income $60,000

Net rent income 6,000

Dividend income 3,500

Payment of alimony (divorce finalized in March 2019) 12,000

Mortgage interest on residence 9,900

Property tax on residence 1,200

Contribution to traditional IRA 5,000

Contribution to United Church 2,100

Loss on the sale of real estate (held for investment) 2,000

Medical expenses 3,250

State income tax 300

Federal income tax 7,000

Required -

a. Calculate Daniel's AGI.

b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.

Reference no: EM132666915

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