Solved

Misti Purchased a Residence This Year Misti Files as a Head of Household

Question 62

Essay

Misti purchased a residence this year. Misti, age 32, is a single parent and lives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and made the following payments: Use Standard deduction.
Home mortgage interest( $ 500,000 acquisition debt)Real estate taxesState income taxes paidIncome tax preparation feeCharitable contributions (cash to their church)$15,0001,521,3402,250120\begin{array}{l}\begin{array}{lll}\text {Home mortgage interest( \$ 500,000 acquisition debt)}\\\text {Real estate taxes}\\\text {State income taxes paid}\\\text {Income tax preparation fee}\\\text {Charitable contributions (cash to their church)}\\\end{array}\begin{array}{lll}\$ 15,000 \\1,52 \\1,340 \\2,250 \\120\end{array}\end{array}

Misti files as a head of household. Calculate her taxable income this year.

Correct Answer:

verifed

Verified

$142,000 = $160,000 − $18,000
Misti's it...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions