Solution-Compute the crosses total itemized deductions

Compute the crosses total itemized deductions

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Reference no: EM131798657

Marcus (SSn 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition debt, 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 #2 300,000 18,583 2,800

Vacation home #3 350,000 19,044 3,400

During 2013, the Crosses made cash gifts totaling $12,000 to various qualified public charities. The Crosses gifted 150 shares of stock to their church during 2013. They purchased 100 shares of the stock for $10 a share in 2010. The other 50 shares were purchased earlier in 2013 for $18 a share. At the time the shares were donated to the church, their fair market value was $24 a share. The Crosses' only other itemized deductions for 2013 were $4,240 that their employers withheld from their paychecks for state income taxes. The Crosses' AGI for 2013 is $214,540. Compute the Crosses' total itemized deductions and prepare their Schedule A.

Reference no: EM131798657

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Compute the crosses total itemized deductions

Reference no: EM131798657

Reference no: EM131798657

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