Colin (single and age 40) has AGI of $100,000. Colin provided the following information about his cash expenditures for 2018: Interest on loan to purchase corporate securities $ 900
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 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 does not itemize, what is his total deduction from AGI in 2018:
A) $4,050
B) $6,350
C) $10,400
D) $12,000
Correct Answer:
Verified
Q45: Which of the following is true regarding
Q67: All of the following are a common
Q80: Justin, age 42 and divorced, is the
Q90: Camila, age 60, is single and has
Q91: Amelia, an accountant, normally bills her clients
Q92: Colin (age 40) is single and itemizes
Q94: Emma purchased investment land in 2012 for
Q96: What is Beth's maximum allowable deduction for
Q97: Cleo's husband died in January of 2016.
Q100: John and Mary have three children: Aaron
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents