Required information [The following information applies to the questions displayed below.] Charles has AGI of $46,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land. City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) a. Suppose that Charles holds the land for appreciation. $1,370 1,760 795 Deductible taxes from AGI 714 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) 360 224

Required information [The following information applies to the questions displayed below.] Charles has AGI of $46,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land. City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) a. Suppose that Charles holds the land for appreciation. $1,370 1,760 795 Deductible taxes from AGI 714 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) 360 224

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 44P

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1. land he inherited from his deceased aunt and 2. a personal vacation taken last year $1,370 1,760 795 State inheritance tax on the land County real estate tax on the land School district tax on the land city special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation ) 714 360 224 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable.. Suppose that Charles holds the land for appreciation. Deductible taxes from AGI
! Required information [The following information applies to the questions displayed below.] Charles has AGI of $47,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. $ 1,480 2,110 State inheritance tax on the land County real estate tax on the land School district tax on the land 831 City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 786 306 270 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) b. Suppose that Charles holds the land for rent. Deductible taxes from AGI
Charles has AGI of $45,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $1,220 County real estate tax on the land 2,330 School district tax on the land 954 City special assessment on the land (new curbs and gutters) 957 State tax on airline tickets (paid on vacation) 216 Local hotel tax (paid during vacation) 293 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Suppose that Charles holds the land for rent.
Required information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. c. $600 for office supplies in May of this year. He used half of the supplies this year and he will use the remaining half by February of next year. After-tax cost
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.
! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
During the current year, Mr. and Mrs. West paid the following taxes: Property taxes on residence $1,900 Special assessment for installation of a sewer system in their neighborhood $1,000 State personal property tax on their automobile (based on value) $400 Property taxes on land held for long-term appreciation $600 What amount can the Wests deduct as property taxes in calculating itemized deductions for the current year? a.$0 b.$2,300 c.$2,900 d.$1,900 e.None of these choices are correct.
Required information Skip to question [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,200. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,450. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes.
Required information [The following information applies to the questions displayed below.] L. A. and Paula file as married taxpayers. In August of this year, they received a $6,920 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,900. Note: Leave no answer blank. Enter zero if applicable. c. Last year L. A. and Paula claimed itemized deductions of $30,500. Their itemized deductions included state income taxes paid of $10,710, which were limited to $10,000 due to the cap on state and local tax deductions. Refund to be included in gross income
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,650. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
Can you tell me which of the items listed below will qualify for itemized deductions for Schedule 1 income tax 2018? During the year, John paid the following amounts (all of which can be substantiated): Credit card interest $1,760 Auto loan interest $4,300 Auto insurance $900 Contribution to IRA $5,500 Property taxes on personal residence $2,640 Contributions to HSA $2,800 Income tax preparation fee $900 Charitable contributions (all cash): Boy Scouts $1,350 St. Matthews Church 3,100 U. of Nevada (Reno) Medical School $26,900 Nevada Democratic Party 250 Fund-raising dinner for the Reno Auto Museum 100 (value of dinner is $25)
! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable. b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income