421 chapter 10 in-class problems-completed

421 chapter 10 in-class problems-completed - 2 500 smoking...

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2 500 smoking cessation program 600 insulin 1,100 7 Since David is self-employed, he may deduct FOR AGI 100% of his heal only deduct her health insurance premiums of $8,000 combined with her if she itemized her deductions for the year. 11 Diego can only deduct the real estate taxes that were assessed and accr 18 Contributions to individuals are not deductible. the contribution to the church is. 24 3,700 Medical insurance premiums 6,800 Medical expenses for her parents, even though they are n filed a joint return. 5,200 Emma's medical and dental expenses 400 prescription drugs 350 insulin 16,450 (7,500) less 7.5% AGI 8,950 Deductible medical expenses in 2009 The medical reimbursement not received until 2010 will be 25 11,000 room at Lakeside 2,200 Meals at Lakeside 1,700 Doctor and nurse fees 14,900 total medical expense for Lawrence 26 15,500 cost of elevator (2,000) less increase in FMV of residence due to installation of ele 13,500 deductible cost of elevator 750 increased utility cost due to elevator 14,250 Total medical expenses 500 Certified appraisal cost is a miscelleous itemized deductio 32 1,200 4th qtr of 2008 1,500 1st qtr 2009 1,500 2nd qtr 2009
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1,500 3rd qtr 2009 800 2008 refund applied to 2009 liability 6,500 total state income tax deduction in 2009 33 640,000 FMV of residence when equity loan taken (220,000) less balance of acquisition indebtedness 420,000 Equity in home
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This note was uploaded on 03/19/2011 for the course ACCT 4 taught by Professor Berry during the Spring '11 term at Old Dominion.

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421 chapter 10 in-class problems-completed - 2 500 smoking...

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