Shane and Alyssa (a married couple)have AGI of $345,000 in 2017.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
A)$21,489.
B)$22,500.
C)$19,995.
D)$21,564.

Question

Quizplus · Accepted Answer

D)Gross itemized deductions of $22,500 are reduced by $936 [3% × ($345,000 - $313,800)] to $21,564.

Shane and Alyssa (A Married Couple)have AGI of $345,000 in 2017.They