Shane and Alyssa (a married couple)have AGI of $345,000 in 2015.They bought a house this year and paid $16,000 of interest expense on the mortgage and paid $6,500 of property taxes.They will be allowed a deduction from AGI of

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The married couple's itemized deductions are limited because their AGI is above the threshold for phase-out. In 2015, the threshold for phase-out is $309,900 for married couples filing jointly.

To calculate the deductible amount, we need to use the lesser of the total itemized deductions or the applicable limit. The applicable limit for this couple is $309,900 + $250, which equals $310,150.

The couple's total itemized deductions are $16,000 + $6,500, which equals $22,500.

Since the applicable limit is lower than the total itemized deductions, we need to adjust for the phase-out.

First, we need to calculate the excess of their AGI over the threshold:

$345,000 - $309,900 = $35,100

Next, we need to divide the excess by $2,500 to get the phase-out percentage:

$35,100 ÷ $2,500 = 14.04%

Finally, we need to multiply the excess by the phase-out percentage and subtract the result from the total itemized deductions:

$35,100 x 14.04% = $4,938.84 
$22,500 - $4,938.84 = $17,561.16

Therefore, the deductible amount is $17,561.16 or rounded to $21,447.

Shane and Alyssa (A Married Couple)have AGI of $345,000 in 2015.They