Deductions from agi or take the standard deduction, Accounting Basics

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Deductions from agi or take the standard deduction

Daniel is single and has the following income and expenses in 2010.

Salary income....$60,000
Net rent income...6,000
dividend income....3,500
payment of alimony...12,000
Mortgage interest on residence...4,900
Property tax on residence...1,200
contribution to traditional IRA...5,000
contribution to United Church...2,100
Losson the sale of real estate( held for investment)..2,000
Medical expenses...3,250
State income tax...300
Federal income tax...7,000

a) Calculate Daniel's AGI.

b) Should Daniel itemize his deductions from AGI or take the standard deduction

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Accounting Basics: Deductions from agi or take the standard deduction

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Accounting Basics: Deductions from agi or take the standard deduction

Reference No:- TGS069268

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Recent Questions Asked Accounting Basics

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Accounting Basics: Deductions from agi or take the standard deduction

Reference No:- TGS069268

Recent Questions Asked Accounting Basics

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