Reference no: EM131208691
Mario and Kaitlin are married and file a joint tax return. They have adjusted gross income of $385,000 that includes $4,700 of investment income ($3,000 short-term capital gains and $1,700 of corporate bond interest). They paid the following expenses for the year:
Unreimbursed medical expenses $26,000 Home mortgage interest on acquisition debt of $1,200,000 (the purchase price was $1,800,000) 36,000
Interest on a home equity loan (principal amount of $125,000) 4,200
Investment interest expense 5,000
Other investment expenses 1,800
State income taxes 4,900
Real property taxes 13,000
Cash contribution to the State University athletic department booster club (for preferred seating tickets to games) 3,000
Cash contribution to the State University Business School student scholarship fund 2,000
Unreimbursed employee business expenses 6,600
Tax return preparation fee 500
What are their itemized deductions after applying all limitations?
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: Mario and Kaitlin are married and file a joint tax return. They have adjusted gross income of $385,000 that includes $4,700 of investment income ($3,000 short-term capital gains and $1,700 of corporate bond interest). What are their itemized deductio..
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