Please answer all 4 questions. thank you.
1.) In 2019, Jonathan pays real estate taxes of $18,000 and New York State income taxes of $17,000. Assuming he itemizes, what deduction for taxes can Jonathan claim in 2019?
2.) Interest paid or accrued during 2018 on aggregate acquisition indebtedness of $2 million or less ($1 million or less for married persons filing separate returns) is deductible as qualified residence interest.
3.) Mary pays $3,000 interest on a qualified student loan in 2020. She is single and has a modified adjusted gross income of $65,000. Which of the following statements is correct?
Mary is not entitled to any deduction for her student loan interest.
Mary is entitled to a for AGI deduction of $2,500.
Mary is entitled to a from AGI deduction of $2,500.
Mary is entitled to a for AGI deduction of $3,000.
4.) Charitable contributions that exceed the percentage limitations for the current year can be carried over for up to a maximum of three years.
1. Answer is (D) $35000
Generally, you can claim itemized deductions in the following categories:
2. Answer is (B) False
For 2018 through 2025, interest is deductible on acquisition indebtedness up to $750,000 ($375,000 for married taxpayers filing separate returns). However, the lower limitation does not apply to acquisition indebtedness incurred on or before Dec.
3. Answer is (B) Mary is entitled to a for AGI deduction of $2,500.
A person is only eligible for AGI deduction of student loan interest. The upper cap of deduction of Student Loan Interest for AGI deduction is $2,500
Subject to the condition that If your MAGI is under $65,000, you are eligible for the full deduction of $2,500. If your MAGI falls between $65,000 and $80,000, you qualify for only a portion of the deduction.
Since, the MAGI (Modified Gross Annual Turnover) of Maryis $65,000. Therefore, she is eligible for full amount of for AGI Deduction of $2,500.
4. Answer is (B) False
Charitable contributions that exceed the percentage limitations for the current year can be carried over for up to a maximum of Five Years.