sing your text, complete the following. In these problems, apply your knowledge of the rules and laws associated with itemized deductions that appear on the Schedule A tax form.
● Problem 50, on page 5-43.
● Problem 51, on page 5-43.
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● Problem 53, on page 5-44.
● Problem 54, on page 5-44.
● Problem 58, on page 5-45.
● Problem 60, on page 5-45.
● Problem 63, on page 5-46.
● Problem 65, on page 5-46.
50. Mickey is a 12-year-old dialysis patient. Three times a week for the entire year, he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home, they go 10 miles out of their way to stop at Mickey’s favorite restaurant. Their total round trip is 50 miles per day. How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the mileage rate in effect for 2019. Explain your answer.
Leslie and Jason, who are married, paid the following expenses during 2019:
interest on a car loan
Interest on lending institution loan (used to purchase municipal bonds)
Interest on home mortgage
(home mortgage principal is less than $750,000)
51. Reggie, who is 55, had AGI of $32,000 in 2019. During the year, he paid the following medical expenses:
Drugs (prescribed by physicians)
Marijuana (prescribed by physicians)
Health insurance premiums–after taxes
Reggie received $500 in 2019 for a portion of the doctors’ fees from his insurance. What is Reggie’s medical expense deduction?
53. Leslie and Jason, who are married, paid the following expenses during 2019:
Interest on a car loan $ 100
Interest on lending institution loan (used to purchase municipal bonds) 3,000
Interest on home mortgage (home mortgage principal is less than $750,000) 2,100
What is the maximum amount that they can use in calculating itemized deductions for 2019?
54. On April 1, 2019, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due September 1, 2019. Amy paid the full amount of property tax of $2,500. Calculate both Paul’s and Amy’s allowable deductions for the property tax. Assume a 365-day year.
58. Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2019:
Home acquisition debt interest $15,000
Credit card interest 5,000
Home equity loan interest (used for home improvement) 6,500
Investment interest expense 10,000
60. Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 2005 for $13,000). Jaylen’s AGI in the current year is $75,000. What is his allowable charitable contribution deduction? How are any excess amounts treated?
63. Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a federally designated disaster area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable:
Damaged Items FMV Just Prior to Damage Original Item Cost
Antique poster bed $6,000 $ 5,000
Pool table 7,000 11,000
Flat-screen TV 700 2,500
Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,700. Their AGI for 2019 was $50,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2019?
65. Hortencia is employed as an accountant for a large firm in San Diego. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2019, she incurred $6,475 in gambling losses and $5,250 in gambling winnings.
Hortencia plans to itemize her deductions in 2019 because she purchased a home this year and has mortgage interest expense; what amount could she claim on her return for other itemized deductions for the year?