Question
During the current year, Anthony paid the following taxes: County real estate taxes on rental property he owns $3,000 County real estate taxes on his
During the current year, Anthony paid the following taxes:
| County real estate taxes on rental property he owns | $3,000 |
| County real estate taxes on his own residence | 2,500 |
| Federal income taxes | 7,000 |
| State income taxes | 2,700 |
| Local city income taxes | 500 |
| Social Security taxes for household help | 500 |
Anthony did not use the rental property for personal purposes. What amount is deductible as an itemized deduction on Anthonys current-year income tax return?
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A.$8,700
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B.$5,700
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C.$14,000
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D.$5,200
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
1119563097, 9781119563099
