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Paul, a calendar year single taxpayer, has the following information:

AGI $175,000
Qualified unreimbursed medical expenses $7,600
State income taxes $13,500
State sales tax $3,000
Real estate taxes $18,900
Home mortgage interests $8,500
Gambling losses (gambling winnings were $12,000) $6,800

Paul's allowable itemized deductions are:_______

Respuesta :

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Answer:

$37,200

Explanation:

Itemized deductions are:

Mortgage interests, unreimbursed medical expenses if the exceed 7.5% of AGI ( depending on the legal requirement of the country), gambling losses, state sales tax, home mortgage interests, real state tax

Deductions that can't be itemized are: State Income taxes, unreimbursed medical expenses if they are below a certain percentage