Question
In 2021 John and Larry filed a joint tax return. They are cash-basis taxpayers. They paid the following. They itemize their deductions. FICA
In 2021 John and Larry filed a joint tax return. They are cash-basis taxpayers. They paid the following. They itemize their deductions.
| FICA taxes on their wages | $1,000 |
| Property tax on home in Los Angeles | 4,100 |
| California income tax (withholdings) | 3,000 |
| Estimated federal income tax | 4,500 |
| Estimated California income tax (paid by check) | 800 |
| California Sales Tax | 500 |
What amount can Larry and John claim as an itemized deduction for taxes on their federal income tax return in 2021.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
