D and J are married and file a joint return. They live in New York. The standard deduction for their filing status is $25,500 They have the following itemized deductions: Medical Bills that exceeded the 7.5% limit $12,000 Mortgage Interest expense $24,500 Property tax $11,000 State Sales tax $7000 Miscellaneous deductions $10,050 Should they itemize their deductions or use the standard deduction

D and J are married and file a joint return. They live in New York. The standard deduction for their filing status is $25,500 They have the following itemized deductions: Medical Bills that exceeded the 7.5% limit $12,000 Mortgage Interest expense $24,500 Property tax $11,000 State Sales tax $7000 Miscellaneous deductions $10,050 Should they itemize their deductions or use the standard deduction

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 64P: Leroy and Amanda are married and have three dependent children. During the current year, they have...

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