Tracy is single and has an adjusted gross income of $37,000…
Tracy is single and has an adjusted gross income of $37,000 this year. Tracy is gathering information for her current year’s tax return and has the following items: State income tax $1850 Interest expense on mortgage ($150k value) $4240 Real estate (property) tax $ 700 Interest expense on credit card $ 125 Interest expense on car loan $ 550 Gifts to charity $ 300 Assume that Tracy takes the standard deduction. If the standard deduction this year is $12,000, then what is Tracy’s taxable income?