Compute the crosses total itemized deductions

Assignment Help Accounting Basics
Reference no: EM132093490

Question - Compute the Crosses total itemized deductions and prepare their schedule A.

Marcus (ssn 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition indebtedness, 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 #1

300,000

18,583

2,800

Vacation home #2

350,000

19,044

3,400

During 2012 the crosses made cash gifts totaling $12,000 to various qualified public charities. The Crosses gifted 150 shares of stock to their church during 2012. They purchased 100 shares of the stock for $10 a share in 2008. The other 50 shares were purchased earlier in 2012 for $18 a share. At the times the shares were donated to the church, their fair market value was $24 a share. The Crosses only other itemized deductions for 2012 were $4,240 that their employers withheld from their paychecks for state income taxes. The Crosses AGI for 2012 is $216,952. Compute the Crosses total itemized deductions and prepare their schedule A.

Reference no: EM132093490

Questions Cloud

How much would be the january amount recorded to expense : The purchase was recorded to Prepaid Insurance. How much would be the January 31 amount recorded to expense (use two decimals)
Do you know anyone who needs relationship counseling : Write a two full page paper after reading chapter 2 & 3 of Boundaries in Marriage. Discuss the "Ten Laws of Boundaries in Marriage" and how to set "Boundaries.
Discuss meaningful use and interoperability : Discuss Meaningful Use and interoperability. How does flexiable leadership approach produce good results?
What rights would you grant to an inmate : As an administrator of a penal institution, what rights would you grant to an inmate with regard to his or her religious preference?
Compute the crosses total itemized deductions : The Crosses AGI for 2012 is $216,952. Compute the Crosses total itemized deductions and prepare their schedule A
What limitations or hurdles you would have to clear : Explain what limitations or hurdles you would have to clear before searching each of the devices (BOTH as a company IT professional and a law enforcement.
What would be the value of this bond if it paid interest : What would be the value of this bond if it paid interest annually? What about semiannually?
Information consistently within business communication : What types of benefits are generated from providing accurate information consistently within business communication?
Calculate the amount of your monthly payment : They are offering a 24 year mortgage with an EAR of 4.2%. Calculate the amount of your monthly payment. Round to the nearest dollar.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd