Essay
Charles,who is single and age 61,had AGI of $400,000 during 2016.He incurred the following expenses and losses during the year.
Medical expenses before 10%-of-AGI floor
$39,500
State and local income taxes
5,200
Real estate taxes
4,400
Home mortgage interest
5,400
Charitable contributions
4,800
Casualty loss before 10% limitation (after $100 floor)
47,000
Unreimbursed employee expenses subject to 2%-of-AGI limitation
8,900
Gambling losses (Charles had $7,400 of gambling income)
9,800
Compute Charles's total itemized deductions for the year.
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