How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bill Your Own Question
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3151
Experience:  EA, CEBS - 35 years experience providing financial advice
Type Your Tax Question Here...
Bill is online now
A new question is answered every 9 seconds

Duke s and Pat Collins have adjusted gorss income of $500,000.

Resolved Question:

Duke‘s and XXXXX XXXXX have adjusted gorss income of $500,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 71/2% of adjusted gross income ,$3,000 in property taxes ,$4,000 in housing interest ,and $5,000 in miscellaneous itemized deductions that exceed 2 percent of adjusted gross income. What is the amount of their itemized deductions?
Submitted: 6 years ago.
Category: Tax
Expert:  Bill replied 6 years ago.

Because their AGI exceeds $159,950 the amount of itemized deductions that they can claim are reduced by $3,200 so they can only claim $16,800.

Bill and other Tax Specialists are ready to help you

Related Tax Questions