Dawn, a single, cash method taxpayer, paid the following in the current year: It

Question

Dawn, a single, cash method taxpayer, paid the following in the current year:

Item Amount
Federal income tax (employer withheld) $5,400
State income tax (employer withheld) 2,000
FICA (employer withheld) 3,800
Sales tax on a new car 600
License for new car 70

Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is used 100% of the time for personal purposes. Dawn sold her house in the current tax year on April 15th. The county's property tax on the home for the tax year was $1,850, payable on February 1st of the following year. The county's property tax year is the calendar year. Dawn's AGI for the current tax year is $50,000 and her other itemized deductions exclusive of taxes are $4,000.








Required: Solution

a. What is Dawn's deduction for taxes in 2010?

Note: Show all calculations.

Explanation / Answer

Similar question answered here http://www.cramster.com/answers-may-11/accounting/taxable-income-current-year-angela-sustains-injuries-fr_1327051.aspx?rec=0

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