Colin (age 40) is single, itemizes his deductions, and has AGI of $100,000. Colin provided the following information about his cash expenditures for 2018: Interest on American Express card 1,200
Points to refinance his home for 10 years at the end of December 2,600
Mortgage interest payments on $250,000 principal amount 11,800
Real estate taxes 2,100
State income taxes withheld on salary 5,400
Additional state income tax estimated payment 1,200
Contribution to Republican Party 2,000
Contribution to United Way 500
If Colin itemizes, what are his total itemized deductions in 2018:

Question

Quizplus · Accepted Answer

Colin's itemized deductions include mortgage interest ($11,800), real estate taxes ($2,100), and state income taxes ($5,400 + $1,200). Contributions to United Way ($500) are also deductible. Points for refinancing are not fully deductible in the year paid, and political contributions are not deductible. Total: $11,800 + $2,100 + $6,600 + $500 = $21,000.

Colin (Age 40) Is Single, Itemizes His Deductions, and Has