Hw.145. Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal residence !"$500 property taxes on their personal automobile !"$3,000 property taxes on business property !"$10,000 federal income taxes !"$5,000 state income taxes !"$6,000 employment (FICA) taxes !"$2,000 sales/use tax What amount of taxes can Francisco deduct as an itemized deduction in 2022? What amount of taxes could Francisco deduct as an itemized deduction if the taxes were paid in 2026?

Hw.145. Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal residence !"$500 property taxes on their personal automobile !"$3,000 property taxes on business property !"$10,000 federal income taxes !"$5,000 state income taxes !"$6,000 employment (FICA) taxes !"$2,000 sales/use tax What amount of taxes can Francisco deduct as an itemized deduction in 2022? What amount of taxes could Francisco deduct as an itemized deduction if the taxes were paid in 2026?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 26P

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On June 30, 2019, Kelly sold property for 240,000 cash and a 960,000 note due on September 30, 2020. The note will also pay 6% interest, which is slightly higher than the Federal rate. Kellys cost of the property was 400,000. She is concerned that Congress may increase the tax rate that will apply when the note is collected. Kellys after-tax rate of return on investments is 6%. a. What can Kelly do to avoid the expected higher tax rate? b. Assuming that Kellys marginal combined Federal and state tax rate is 25% in 2019, how much would the tax rates need to increase to make the option identified in part (a) advisable?
Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.
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