taxable income standard deduction and itemizing?

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Bradley and Sharon expenses
mortgage interest 7500
mortgage principal 650
property taxes 2000
home equity loan interest 1000
homeowner’s insurance 550
home maintenance expenses 350
utilities 1600
charitable contributions 1500
credit card interest 500
Assume their standard deduction for the year is 6700. How much MORE will taxable income be reduced by itemizing?

a. 5300 b. 2860
c.1484 d. 870

2 Comments
  1. Reply
    Ali M
    December 29, 2011 at 9:17 pm

    7500
    2000
    1000
    1500
    ———
    12000

    12000 – 6700 = 5300

  2. Reply
    Jss
    December 29, 2011 at 9:20 pm

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