ty taxes to the state government, $500 to the developer of the su real property taxes on land they hold as an investment. What amo ng their itemized deductions exceed the standard deduction amo

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of the first homes in the subdivision. During the
year, they paid $1,500 in real property taxes to the state government, $500 to the developer of the subdivision for an assessment to
pay for the sidewalks, and $900 for real property taxes on land they hold as an investment. What amount of property taxes are the
Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any
property tax deductions and they pay $5,000 of state income taxes for the year and no other deductible taxes?
Deductible property taxes amount
Transcribed Image Text:Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of the first homes in the subdivision. During the year, they paid $1,500 in real property taxes to the state government, $500 to the developer of the subdivision for an assessment to pay for the sidewalks, and $900 for real property taxes on land they hold as an investment. What amount of property taxes are the Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any property tax deductions and they pay $5,000 of state income taxes for the year and no other deductible taxes? Deductible property taxes amount
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