Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all 4 questions. thank you. 1.) In 2019, Jonathan pays real estate taxes of $18,000 and New York State income taxes of $17,000.

Please answer all 4 questions. thank you.

1.) In 2019, Jonathan pays real estate taxes of $18,000 and New York State income taxes of $17,000. Assuming he itemizes, what deduction for taxes can Jonathan claim in 2019?

a.

$28,000

b.

$10,000

c.

$27,000

d.

$35,000

2.) Interest paid or accrued during 2018 on aggregate acquisition indebtedness of $2 million or less ($1 million or less for married persons filing separate returns) is deductible as qualified residence interest.

a.)True

b.) False

3.) Mary pays $3,000 interest on a qualified student loan in 2020. She is single and has a modified adjusted gross income of $65,000. Which of the following statements is correct?

a.

Mary is not entitled to any deduction for her student loan interest.

b.

Mary is entitled to a for AGI deduction of $2,500.

c.

Mary is entitled to a from AGI deduction of $2,500.

d.

Mary is entitled to a for AGI deduction of $3,000.

4.) Charitable contributions that exceed the percentage limitations for the current year can be carried over for up to a maximum of three years.

a.) true

b.) false

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

2. Outline the business case for a diverse workforce.

Answered: 1 week ago