James and pamela brock and william brock provide you with

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Reference no: EM13389912

James and Pamela Brock and William Brock provide you with the following information related to expenditure they have made:

Type of Documentation

James & Pamela Brock

William Brock

Employer paid medical Insurance Premiums

$10,000

$1,200

Medical insurance premiums paid by taxpayer

$4,000

$8,000

Medical expenses related to eye surgery not covered by insurance

17,500

N/A

Reimbursements from medical insurance carrier

$5,200

N/A

Prescription drug costs

$1,800

$2,200

State income taxes withheld by employer

$6,750

$450

State income tax paid when filing tax return

$2,300

N/A

Real estate taxes on residence

$12,000

N/A

Real estate taxes on Westchester Woods property

$5,000

N/A

Property tax on automobile

$950

$375

Property tax on Westchester Wood's delivery truck

$375

N/A

Sewer use charge

$295

N/A

Home mortgage interest

$14,400

N/A

Home equity interest (the loan amount is $75,000 and the difference between the FMV of the home and acquisition indebtedness is $55,000)

$3,000

N/A

Cash gifts (properly supported)

$1,800

$1,500

Contribution

Artwork, purchased for $8,000 and held for five years, donated to a qualified charity (the charity will display the artwork). The FMV of the artwork is $27,500

N/A

Contribution

N/A

Donated land to a qualified charity. The land was held for 22 years. The basis of the land is $4,200 and its FMV is $67,800

Contribution carryover from a prior year

$0

$14,000

Unreimbursed travel expenses (job related)

$700

$180

Safe deposit box

$55

N/A

Tax preparation (60% allocated to Westchester Wood)

$1000

$125

Required:

  1. Calculate the itemized deductions and
  2. Prepare Form 1040 Schedule A for:
    1. James and Pamela Brock and
    2. William Brock.

Reference no: EM13389912

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