Beth and Sajiv,a married couple,earned AGI of $350,000 in 2017.They report the following itemized deductions (before application of any limitations):

Beth and Sajiv's allowable itemized deduction amount will be

Question

Beth and Sajiv,a married couple,earned AGI of $350,000 in 2017.They report the following itemized deductions (before application of any limitations):

Beth and Sajiv's allowable itemized deduction amount will be

Quizplus · Accepted Answer

D) Investment advisor fees ($10,000 - 2% of AGI) $ 3,000
Property taxes on home 14,000
Mortgage interest on home 22,000
Charitable contributions 44,000
Preliminary itemized deductions $83,000
Less: 3% of AGI in excess of $313,800 - 1,086
Allowable itemized deduction amount $ 81,914

Beth and Sajiv,a Married Couple,earned AGI of $350,000 in 2017