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Required Information [The following information applies to the questions displayed below.] Charles has AGI of $37,500 and has made the following payments related to (1)
Required Information [The following information applies to the questions displayed below.] Charles has AGI of $37,500 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 $1,340 County real estate tax on the land 1,570 School district tax on the land 840 City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 816 336 2345 Calculate the amount of taxes Charles may Include in his itemized deductions for the year under the following circumstances: Note: 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 $37,500 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 $1,340 County real estate tax on the land 1,570 School district tax on the land City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 840 816 336 234 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: 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. Note: Apply limits if applicable. Deductible taxes from AGI
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