CPA Tcp Quiz
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INDIVIDUAL TAX COMPLIANCE AND PLANNING
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Natalie is single with AGI of $200,000 and lives in a high-tax jurisdiction. She paid $17,000 of state income taxes and $6,000 of real property taxes (SALT capped at $10,000), $12,000 of qualified home mortgage interest, $3,000 of cash charitable contributions, and $25,000 of unreimbursed medical expenses (deductible only above 7.5% of AGI). What is the impact of the SALT deduction cap on Natalie's return (i.e., by how much are her SALT payments reduced for itemized deduction purposes)?
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