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Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property...
Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property...
Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse’s adjusted gross income was $70,000 (also before considering any property tax deductions). In 2019, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. b.If property 1 is Jesse’s business building (he owns the property) and property...
Max, a single taxpayer, has a $270,000 loss from his soleproprietorship. How much of this...
Max, a single taxpayer, has a $270,000 loss from his sole proprietorship. How much of this loss is not deductible after considering the excess business loss rules? A. $255,000 B. $0 C. $270,000 D. $15,000 E. None of the above.This year Andrew, a single taxpayer, paid $15,000 of real estate taxes on her personal residence and 9,500 of state income taxes. Which of the following is true? A. He can deduct $15,000 of real estate taxes as an itemized deduction. B. He...
calculate the amount of itemized deductions for 2019 for Mr. Drake (single) whose AGI is $100,000:...
calculate the amount of itemized deductions for 2019 for Mr. Drake (single) whose AGI is $100,000: medical expenses $10,600 State Income Taxes $8,000 Real Estate Taxes on residence $5,000 Interest on home mortgage $18,000 The total itemized deductions from Mr. Drake are $__________
Through November, Cameron has received gross income of $70,000. For December, Cameron is considering whether to...
Through November, Cameron has received gross income of $70,000.
For December, Cameron is considering whether to accept one more
work engagement for the year. Engagement 1 will generate $8,820 of
revenue at a cost to Cameron of $3,900, which is deductible for
AGI. In contrast, engagement 2 will generate $7,250 of qualified
business income (QBI), which is eligible for the 20 percent QBI
deduction. Cameron files as a single taxpayer.
Calculate Cameron’s taxable income assuming he chooses
engagement 1 and...
ltemized Deductions (LO. 4) Jesse is a resident of New Jersey who works in New York...
ltemized Deductions (LO. 4) Jesse is a resident of New Jersey who works in New York City. He also owns rental property in South Carolina. During 2017, he pays the following taxes: New Jersey state New York City income tax withheld New York State income tax withheld Federal income tax withheld Property tax-New Jersey home South Carolina income taxes paid when filing 2016 tax return South Carolina estimated tax payments Gasoline taxes tax 440 1,375 6,310 2,110 220 190 160...
Harvey itemized deductions on his 2018 income tax return and was able to deduct all state...
Harvey itemized deductions on his 2018 income tax return and was able to deduct all state and local income taxes paid. Harvey plans to itemize deductions again in 2019 and the following information is available regarding state and local income taxes: Taxes withheld in 2019 $12,500 Refund received in 2019 for 2018 tax $500 Assessment paid in 2019 for 2017 tax $300 Assuming he deducts state and local income taxes, the above information should be reported by Harvey in his...
Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and...
Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2019: Salary income $141,000 Net rent income 21,500 Dividend income 2,500 30,000 8,300 3,000 1,500 Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income...
Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of...
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 $1,690 in real property taxes to the state government, $595 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,090 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...
Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of...
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 $1,730 in real property taxes to the state government, $615 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,130 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...
Nasim paid the following taxes this year: Real estate taxes on rental property she owns $6,500...
Nasim paid the following taxes this year: Real estate taxes on rental property she owns $6,500 Real estate taxes on her own residence 5,200 Federal income taxes 12,000 State income taxes 7,500 For 2018, what amount of taxes (SALT) can Nasim deduct as an itemized deduction on her tax return? A) $5,200 B) $7,500 C) $10,000 D) $19,200 2. Aki's records contain the following information: 1. Donated stock having a fair market value of $4,000 to a qualified charitable organization....
Through November, Cameron has received gross income of $70,000.
For December, Cameron is considering whether to accept one more
work engagement for the year. Engagement 1 will generate $8,820 of
revenue at a cost to Cameron of $3,900, which is deductible for
AGI. In contrast, engagement 2 will generate $7,250 of qualified
business income (QBI), which is eligible for the 20 percent QBI
deduction. Cameron files as a single taxpayer.
Calculate Cameron’s taxable income assuming he chooses
engagement 1 and...
ltemized Deductions (LO. 4) Jesse is a resident of New Jersey who works in New York City. He also owns rental property in South Carolina. During 2017, he pays the following taxes: New Jersey state New York City income tax withheld New York State income tax withheld Federal income tax withheld Property tax-New Jersey home South Carolina income taxes paid when filing 2016 tax return South Carolina estimated tax payments Gasoline taxes tax 440 1,375 6,310 2,110 220 190 160...
Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2019: Salary income $141,000 Net rent income 21,500 Dividend income 2,500 30,000 8,300 3,000 1,500 Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income...
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 $1,690 in real property taxes to the state government, $595 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,090 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...
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 $1,730 in real property taxes to the state government, $615 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,130 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...
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