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please answer all the question they are related l. Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year,
please answer all the question they are related l.
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $800 with his state income tax return for the previous year. During the year, Tim had $4,350 of state income tax and $15,750 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,050 and $1,600 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $395 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction? Deductible Required information [The following information applies to the questions displayed below.) Charles has AGI of $43,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $1,250 County real estate tax on the land 1,810 School district tax on the land 927 City special assessment on the land (new curbs and gutters) 888 State tax on airline tickets (paid on vacation) 249 Local hotel tax (paid during vacation) 245 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) a. Suppose that Charles holds the land for appreciation Deducible taxes from AGI Required information [The following information applies to the questions displayed below.) Charles has AGI of $43,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $1,250 County real estate tax on the land 1,819 School district tax on the land 927 City special assessment on the land (new curbs and gutters) 888 State tax on airline tickets (paid on vacation) 249 Local hotel tax (paid during vacation) 245 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) b. Suppose that Charles holds the land for rent. Deductible taxes from AGI Required information [The following information applies to the questions displayed below) Charles has AGI of $43,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State Inheritance tax on the land $1,250 County real estate tax on the land 1,810 School district tax on the land 927 City special assessment on the land (new curbs and gutters) 888 State tax on airline tickets (paid on vacation) 249 Local hotel tax (paid during vacation) 245 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) c. Suppose that Charles holds the land for appreciation and that the vacation was actually a business trip. (Apply limits if applicable.) Deductible fans from AGI Step by Step Solution
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