During 2015, Manuel and Gloria Incurred Acquisition Debt on Their
During 2015, Manuel and Gloria incurred acquisition debt on their new residence of $1,150,000. On their joint tax return, what is the amount of their qualified acquisition debt on which they can deduct interest?
Robert and Becky (husband and wife) are both lawyers and they contribute money to various organizations each year. They file a joint return and their adjusted gross income for 2015 is $100,000. They contributed to the following organizations in 2015:
• $5,000 to Alta Sierra country club
• $10,000 to prevent cruelty to animals
• $2,000 to State Bar Association Political Action Committee
• $12,000 to cancer research foundation
• Donated clothing to Salvation Army. (Robert purchased the items for $1,000, but the fair market value of the same items at a thrift store is equal to $50.)
How much can Robert and Becky deduct as charitable contributions for the year 2015?
Donald and May (husband and wife) contributed $15,000 in cash to their synagogue during 2015. They also donated $3,000 to a private foundation which is a nonprofit cemetery organization. They knew a 30% limit applies to contributions to such foundations. Their adjusted gross income for the year 2015 was $30,000. Donald and May's deductible contribution for the year 2015 and any carryover to next year is:
A) $18,000 with $0 carryover to next year.
B) $15,000 with $2,100 carryover to next year.
C) $7,500 with $2,100 carryover to next year.
D)$15,000 with $3,000 carryover to next year.
For 2015, Lydia had adjusted gross income of $40,000 and made the following charitable contributions: What is the maximum amount that she can deduct as a charitable contribution for 2015?