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    limitations within itemized deductions

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    For 2006, Jon & Betty Smith file a joint return with AGI of $240,000. Their itemized deductions are the following:

    Medical expenses before AGI floor $23000
    Casualty loss (not covered by insurance) before statutory floors $26,000
    Interest on home mortgage $10,000
    Interest on credit cards $800
    Property taxes on home $13,000
    Charitable contributions $17,000
    State income tax $15,000
    Tax return filing fees $1200

    After all necessary adjustments are made, what is the amount of itemized deductions the Hansens may claim?

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    https://brainmass.com/business/accounting/limitations-within-itemized-deductions-108557

    Solution Preview

    Itemized deductions

    No limitation items:
    Interest on home mortgage $10,000
    Property taxes on home $13,000
    Charitable contributions $17,000
    State income tax $15,000

    No deduction item:
    Interest on credit cards $800

    Limitations computed:
    Medical total of ...

    Solution Summary

    The solution discusses each deduction and the limits which could apply to the amount.

    $2.19

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