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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
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Phoniex University
Oct-2001 - Nov-2016
31a) Marcus (ssn 397-73-8399) and Debra Cross own three homes. Information regarding the amount of acquisition indebtedness, as well as interest and taxes paid on each home during the year is as follows.
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Acquisition Interest. Taxes
Indebtedness. Paid. Paid
Principal residence. $240,000. $18,330. $2,400
Vacation home #1. $300,000. $18,583. $2,800
Vacation home # 2. $350,000. $19,044. $3,400
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During 2012 the crosses made cash gifts totaling $12,000 to various qualified public charities. The Crosses gifted 150 shares of stock to their church during 2012. They purchased 100 shares of the stock for $10 a share in 2008. The other 50 shares were purchased earlier in 2012 for $18 a share. At the times the shares were donated to the church, their fair market value was $24 a share. The Crosses only other itemized deductions for 2012 were $4,240 that their employers withheld from their paychecks for state income taxes. The Crosses AGI for 2012 is $214,540. Compute the Crosses total itemized deductions and prepare their schedule A.
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