During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year?
During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year?
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 2BCRQ
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During the current year, Seth, a self-employed individual, paid the following taxes:
Federal income tax |
$15,000 |
State income tax |
$6,500 |
Real estate taxes on land in South America (held as an investment) |
$700 |
State sales taxes |
300 |
Personal property taxes based upon value |
$1,600 |
Federal self-employment tax |
$ 800 |
What amount can Seth claim as an itemized deduction for taxes paid during the current year?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT