question archive Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year
Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year
Subject:AccountingPrice: Bought3
Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances:
|
State inheritance tax on the land |
$ 1,200 |
|
Country real estate tax on the land |
1,500 |
|
School district tax on the land |
690 |
|
City special assessment on the land (new curbs and gutters) |
700 |
|
State tax on airline tickets (paid on vacation) |
125 |
|
Local hotel tax (paid during vacation) |
195 |
a. Suppose that Charles holds the land for appreciation.
b. Suppose that Charles holds the land for rent.
c. Suppose that the vacation was actually a business trip for his employer
