chapter_8_problems solution - 32) 833.33333 33) total...

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24) yes he can deduct the 8,800 as a medical expense deduction 25) 12000 would be deductible 26) Hospital cost 3,200 doctor's bills 4200 medecine 1800 insurance 4000 milage 76 Total med exp 13,276 less 7.5% of 85000 AGI 6375 Total med exp deduction 6,901 27) Hospital cost 3,200 doctor's bills 4200 medecine 1800 insurance 4000 milage 150 total med exp 13,350 less insurance reimburs 4100 less 7.5% of 85000 AGI 6375 Total med exp deduction 2,875 30) raphael is allowed a 250 deduction for the first year if he makes a separate payment of 3,000. Otherwise if the 3,000 is offset against the 20,000 loan there is no deduction until the loan is paid 31) 2,500 is her qualified student loan interest deduction
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Unformatted text preview: 32) 833.33333 33) total interest deduction 250 34) interest deduction 13,000 35) deductible interest 10,000 37) 200 40) 600 a) 7,000 b) 6000 c) 42) theft 150 casualty cash 200 loss limited to basis 200,000 wristwatch 75 less insurance 170,000 beer and cooler 425 30,000 less reduction 100 less reduction 100 loss from theft 325 loss from fire 29,900 loss from fire 29,900 loss from theft 325 total losses 30,225 less 10% agi reduction 10,000 deductible casualty and losses 20,225 Chapter 8 Problems EXPLAIN YOUR ANSWERS 24,25,26,27,30,31,32,33,34,35,37,40,42 Initial Submission Due Nov 1...
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This note was uploaded on 11/26/2011 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.

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