Question
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
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