For calendar year 2012, Stuart and Pamela Gibson file a joint return reflecting AGI of $264,000. Their itemized deductions are as follows:
|
Medical expenses |
$25,300 |
|
Casualty loss after $100 floor (not covered by insurance) |
28,600 |
|
Home mortgage interest |
11,000 |
|
Credit card interest |
800 |
|
Property taxes on home |
14,300 |
|
Charitable contributions |
18,700 |
|
State income tax |
16,500 |
|
Tax return preparation fees |
1,200 |
Calculate the amount of itemized deductions the Gibsons may claim for the year.