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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.

.

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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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