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Calculate amount of itemized deductions the Gibsons claim

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Problem - For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows:

Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $48,600

Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000

Credit card interest 800

Property taxes on home 16,300

Charitable contributions 28,700

State income tax 18,000

Tax return preparation fees 1,200

Required - Calculate the amount of itemized deductions the Gibsons may claim for the year.

Reference no: EM132668277

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