Question

Charles has AGI of $44,500 and has made the following payments related to (1) land he...

Charles has AGI of $44,500 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 $ 1,400
County real estate tax on the land 2,400
School district tax on the land 756
City special assessment on the land (new curbs and gutters) 852
State tax on airline tickets (paid on vacation) 144
Local hotel tax (paid during vacation) 213
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.)


a. Suppose that Charles holds the land for appreciation.

Deductible taxes from AGI $

Homework Answers

Answer #1

Solution :

The amount of Deductible taxes if Charles holds the land of appreciation is :

Particulars Amount
Country real estate tax on the land 2,400
School district tax on land 759
Total amount tax 3,156
  • The Inheritance tax , Airline tax and Total tax rate are non-deductible personal expense.
  • The Special assesment is also not deductible because it is capitalized to the value of property.

Thanks for the Question, Kindly Give me a like , It will Help me alot :)

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
[The following information applies to the questions displayed below.] Charles has AGI of $50,000 and has...
[The following information applies to the questions displayed below.] Charles has AGI of $50,000 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 $ 1,430 County real estate tax on the land 1,970 School district tax on the land 873 City special assessment on the land (new curbs and gutters) 813 State tax on airline tickets (paid on vacation)...
Required information [The following information applies to the questions displayed below.] Charles has AGI of $37,000...
Required information [The following information applies to the questions displayed below.] Charles has AGI of $37,000 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 $ 1,460 County real estate tax on the land 2,240 School district tax on the land 780 City special assessment on the land (new curbs and gutters) 846 State tax on airline tickets (paid...
Dan has AGI of $50,000 and paid the following taxes during this tax year. State income...
Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding                                           $1,194 State income tax estimated payments                              698 Federal income tax withholding                                        5,433 State excise tax on liquor                                                 207 Automobile registration (based on the car’s value) 189 State sales tax paid                                                          2,289 County real estate tax on the land                                    1,527                                                                                                                                                         How much Dan can deduct for taxes as an itemized deduction this year? Please explain how you got each number in your solution and/or where the number...
Exercise 10-21 (Algorithmic) (LO. 7) A) Issac has AGI of $93,800 and incurred the following expenses:...
Exercise 10-21 (Algorithmic) (LO. 7) A) Issac has AGI of $93,800 and incurred the following expenses: • Cost of uniforms required by his employer: $800 • Tax return preparation fees: $1,200 • Fee paid for a safe deposit box used to store papers and documents relating to taxable income-producing investments: $80 • Job-hunting costs: $2,400 Issac's deductible miscellaneous itemized deductions (after any limitation) on Schedule A is $. B)Issac has AGI of $93,800 and incurred the following expenses: • Cost...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT