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Should jake itemize deductions

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Problem 1: Jake is married filing jointly and has AGI in 2018 of $200,000. He wants to know if he should itemize deductions in 2018. Jake has paid $20,000 in 2018 for mortgage interest for principal of $1 Million of a mortgage taken out on November 12, 2017. In 2018, Jake paid $13,000 in property taxes and gave $5,000 in cash gifts to charity. Should Jake itemize his deductions, and if so, what would his deduction be?

Reference no: EM132698183

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