Question
Nasim paid the following taxes this year: Real estate taxes on rental property she owns $6,500 Real estate taxes on her own residence 5,200 Federal
Nasim paid the following taxes this year:
Real estate taxes on rental property she owns | $6,500 |
Real estate taxes on her own residence | 5,200 |
Federal income taxes | 12,000 |
State income taxes | 7,500 |
For 2018, what amount of taxes (SALT) can Nasim deduct as an itemized deduction on her tax return?
A) $5,200
B) $7,500
C) $10,000
D) $19,200
2.
Aki's records contain the following information:
1. Donated stock having a fair market value of $4,000 to a qualified charitable organization. He acquired the stock six months previously at a cost of $3,000.
2. Paid $1,200 to a church school as a requirement for the enrollment of his son.
3. Paid $475 for annual homeowner's association dues.
4. Drove 500 miles in his personal auto. The travel was directly related to volunteer services he performed for her church.
How much can Aki deduct as a charitable contribution?
A) $1,250
B) $3,070
C) $3,356
D) $4,000
Step by Step Solution
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