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Question - Compute the Crosses total itemized deductions and prepare their schedule A.
Marcus (ssn 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition indebtedness, as well as interest and taxes paid on each home during the year is as follows.
Acquisition Debt
Interest paid
Taxes paid
Main home
$240,000
$18,330
$2,400
Vacation home #1
300,000
18,583
2,800
Vacation home #2
350,000
19,044
3,400
During 2012 the crosses made cash gifts totaling $12,000 to various qualified public charities. The Crosses gifted 150 shares of stock to their church during 2012. They purchased 100 shares of the stock for $10 a share in 2008. The other 50 shares were purchased earlier in 2012 for $18 a share. At the times the shares were donated to the church, their fair market value was $24 a share. The Crosses only other itemized deductions for 2012 were $4,240 that their employers withheld from their paychecks for state income taxes. The Crosses AGI for 2012 is $216,952. Compute the Crosses total itemized deductions and prepare their schedule A.
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