Question
Morris owns and operates a water ski business as a sole proprietorship. During 2020, Morris paid $8,750 of real property taxes on the building used
Morris owns and operates a water ski business as a sole proprietorship. During 2020, Morris paid $8,750 of real property taxes on the building used in the business and $1,150 of personal property taxes on the equipment used in the business. In addition to his state income taxes, Morris paid $6,645 of property taxes on his personal residence in 2020. In calculating and paying estimated state income taxes of $5,600 for 2020, Morris included the profit from his sole proprietorship, his investment income, and his itemized deductions and claimed a state tax credit for solar panels he installed on his home. How much can Morris deduct for AGI? Round you answer to the nearest dollar.
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