Multiple Choice
Ignacio and Perla are married and both are professors at a local college.They contribute money to various organizations each year and file a joint return.Their adjusted gross income for 2016 is $100,000.They contributed to the following organizations in 2016:
• $3,500 to the Sierra club
• $10,000 to the Red Cross
• $2,000 to a local political candidate
• $11,000 to cancer research foundation
• Donated clothing to Goodwill.Ignacio purchased the items for $450,but the thrift shop value of the same items at a local second-hand store is equal to $60.)
How much can Ignacio and Perla deduct as charitable contributions for the year 2016?
A) $24,560.
B) $26,560.
C) $25,710.
D) $26,500.
Correct Answer:
Verified
Correct Answer:
Verified
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