George Is Single and Age 56, Has AGI of $265,000

question 88

Essay

George is single and age 56, has AGI of $265,000, and incurs the following expenditures in 2019. $\begin{array}{lr}\text { Medical expenses (before 10\%-of-AGI floor) } & \$ 35,000 \\\text { Interest on home mortgage } & 15,500 \\\text { State income tax } & 7,500 \\\text { State sales tax } & 4,500 \\\text { Real estate tax } & 8,600 \\\text { Charitable contribution } & 6,500\end{array}$ What is the amount of itemized deductions George may claim?

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Definitions:

Commissioners

Officials or a group of officials in charge of a specific function or authority, often within a governmental or regulatory body.

Federal Trade Commission

A United States federal agency with the primary goal of protecting consumers and ensuring a strong competitive market by enforcing antitrust and consumer protection laws.

President

The elected head of a republic, serving as both head of state and government, or the chief executive officer of a corporation or organization.

Food And Drug Administration

A federal agency of the United States Department of Health and Human Services, responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, dietary supplements, prescription and over-the-counter pharmaceutical drugs, vaccines, biopharmaceuticals, medical devices, and veterinary products.