Question
During 2017, Belen paid the following taxes: Property taxes on residence (paid from escrow account)$1,550Property tax portion of car registration (based on value)400Property taxes on
During 2017, Belen paid the following taxes:
Property taxes on residence (paid from escrow account)$1,550Property tax portion of car registration (based on value)400Property taxes on land held for long-term appreciation350
What amount can Belen deduct as property taxes in calculating her itemized deductions for 2017?
Multiple Choice
- $1,950.
- $2,300.
- $350.
- $750.
.
.
During 2017, Manuel and Gloria, who are not married and live in Beverly Hills, incurred acquisition debt on their new residence of $2,150,000. On their individual tax returns, what is the amount of qualified acquisition debt on which they can each deduct interest?
Multiple Choice
- $1,000,000.
- $1,050,000.
- $900,000.
- $1,150,000.
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