In year 1, Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was

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In year 1, Peter and Shaline Johnsen moved into a home in a new subdivision.

Theirs was one of the first homes in the subdivision. In year 1, they paid $1,500 in real property taxes to the state government, $500 to the developer of the subdivision for an assessment to pay for the sidewalks, and $900 for real property taxes on land they hold as an investment. What amount of property taxes are the Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any property tax deductions?

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McGraw-Hill's Taxation Of Individuals

ISBN: 9781259729027

2017 Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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