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In 2020 you had the following tax items: $5,000 state income taxes paid, $4,500 state sales...

In 2020 you had the following tax items: $5,000 state income taxes paid, $4,500 state sales taxes paid, $4,700 in property taxes, $500 in ad valorem taxes on your car. How much should you claim on your itemized deductions for state and local taxes?

$10,000

$14,700

$10,200

$9,200

$9,700
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Answer #1

Ans-The correct option is first that is $10,000 as you can deduct up to $10,000 (or $5,000 if married filing separately) of state and local taxes, including property taxes.

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