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Type of Documentation;James & Pamela Brock William Brock;Employer paid medical Insurance Premiums $10,000 $1,200;Medical insurance premiums paid by taxpayer $4,000 $8,000;Medical expenses related to eye surgery not covered by insurance17,500 N/A;Reimbursements from medical insurance carrier $5,200 N/A;Prescription drug costs $1,800 $2,200;State income taxes withheld by employer $6,750 $450;State income tax paid when filing tax return $2,300 N/A;Real estate taxes on residence $12,000 N/A;Real estate taxes on Westchester Woods property $5,000 N/A;Property tax on automobile $950 $375;Property tax on Westchester Wood's delivery truck $375 N/A;Sewer use charge $295 N/A;Home mortgage interest $14,400 N/A;Home equity interest (the loan amount is $75,000 and the difference between the FMV of the home and acquisition indebtedness is $55,000) $3,000 N/A;Cash gifts (properly supported) $1,800 $1,500;Contribution Artwork, purchased for $8,000 and held;for five years, donated to a qualified charity;(the charity will display the artwork).;The FMV of the artwork is $27,500 N/A;Contribution N/A Donated land to a qualified charity. The land was held for 22 years. The basis of the land is $4,200 and its FMV is $67,800;Contribution carryover from a prior year $0 $14,000;Unreimbursed travel expenses (job related) $700 $180;Safe deposit box $55 N/A;Tax preparation (60% allocated to Westchester Wood) $1000 $125;Required;Calculate the itemized deductions and;Prepare Form 1040 Schedule A for;James and Pamela Brock and;William Brock.


Paper#74390 | Written in 18-Jul-2015

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