13,000 14) Arm paid the following tases this year What amount can Arun deduct as

Question

13,000 14) Arm paid the following tases this year What amount can Arun deduct as an itemized deduction on his tax retum 57,500 B) $19,500 C) $15,500 D) $15,000 15) During the year Jason and Kristi, cash-basis taxpayers, paid the following taxes: eld to gift tax tax on home in the United States ,1 oo ate income tax (withholdings) stimated federal income tax pecial assessment by city for sidewalks and street on their street stimated state income tax (paid by check)800s What amount can Kristi and Jason claim as an itemized deduction for taxes on their federal income tax return in the current year? A) $7.900 B) $8,900 C) $10,900 D) $15,400 16) In the current year, Julia earns $9,000 in net investment income and incurs $14,000 of investment interest expense. What is the maximum amount of investment interest expense she is allowed to deduct this year? A) S0 B) $3,000 deductible this year; $11,000 carried forward to next year C) $9,000 deductible this year; $5,000 carried forward to next year D) S14,000 deductible this year; nothing to be carried forward to next year 17) Carl purchased a machine for use in his trade or business two years ago for $30,000. During the current year, Carl donates the machine to the local community college. At the time of the contribution, the machin adjusted basis is $10,000 and its FMV is $15,000. Carl's AGI for the year is $48,000. What is the amount charitable contribution deduction? A) $10,000 $14,000

Explanation / Answer

Hence Option(a) $7900

As per Chegg policy, solution for only 1 question can be provided. So, please post other part seperately.

14. Calculation of Itemized deduction on tax return of Arun Sr No Particulars Amount a Real estate taxes on Rental property he owns Not applicable b Real estate taxes on his own residence $3,600 c Federal income taxes Not applicable d State Income Taxes $3,400 e Local city income taxes $500 f Itemized deduction on tax return $7,500 Hence Option (a) : $7500 is correct 15. Calculation of itemized deduction for Jason & Kisti Property tax on home in the United States $4,100 State income tax (withholdings) $3,000 Estimated state income tax (paid by check) $800 $7,900

Hence Option(a) $7900

As per Chegg policy, solution for only 1 question can be provided. So, please post other part seperately.

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