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During 2016, Sam, a self-employed individual, paid the following amounts: Real estate tax on Ohio home $3,100 State income tax 1,900 Home M0rtage interest 2,000
During 2016, Sam, a self-employed individual, paid the following amounts:
Real estate tax on Ohio home | $3,100 |
State income tax | 1,900 |
Home M0rtage interest | 2,000 |
Alimony paid | 1,000 |
Gift tax paid on gift to daughter | 1,400 |
Contribution to Health Savings Account | 1,200 |
Charitable contribution | 500 |
State sales taxes | 1,950 |
State occupational license fee | 600 |
Property tax on value of his automobile (used 100% for business) | 465 |
What is the maximum amount Sam can claim as taxes in itemizing deductions from AGI?
a. | $6,650. |
b. | $7,550. |
c. | $7,250. |
d. | $6,400. |
e. | None of the above. |
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