Jesse Brimhall is single. In 2018, his itemized deductions were $9,000 before considering any real property...

Jesse Brimhall is single. In 2018, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse’s adjusted gross income was $70,000 (also before considering any property tax deductions). In 2018, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year.

b.If property 1 is Jesse’s business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account (ignore the deduction for qualified business income)?

Taxable income

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property...

Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse’s adjusted gross income was $70,000 (also before considering any property tax deductions). In 2019, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. a. If property 1 is Jesse’s primary residence and property 2 is his...

Veronica filed as a single taxpayer in 2019. Her AGI was $249,000, and itemized deductions were...

Veronica filed as a single taxpayer in 2019. Her AGI was $249,000, and itemized deductions were $45,600. Her local property taxes were $15,600 and her state income taxes were $20,000. In 2020, Veronica received a $3,000 refund of the state income taxes she paid in 2019. The standard deduction for single filers in 2019 was $12,200. Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020.

Ruth, who files as single, reported itemized deductions of $12,300 on her 2018 tax return.

Ruth, who files as single, reported itemized deductions of $12,300 on her 2018 tax return. Her itemized deductions included $400 of state taxes paid. In 2019, she received a $275 refund of state taxes paid in 2018. What is the amount that Ruth needs to report on her 2019 tax return? A) $400. B) $275. C) $300. D) $0.

Myrna and Geoffrey filed a joint tax return in 2018. Their AGI was $85,000, and itemized deductions were $24,700

Myrna and Geoffrey filed a joint tax return in 2018. Their AGI was $85,000, and itemized deductions were $24,700, which included $7,000 in state income tax and no other state or local taxes. In 2019, they received a $1,800 refund of the state income taxes they paid in 2018. The standard deduction for married filing jointly in 2018 was $24,000. Under the tax benefit rule, what amount of the state income tax refund is included in gross income in 2019?

In 2019, a single engineer had a gross income of $68,000 and itemized deductions of $13,400....

In 2019, a single engineer had a gross income of $68,000 and itemized deductions of $13,400. Determine the amount of minimum federal tax he must pay.

What amount should Weber use as state and local income taxes in calculating itemized deductions for his 2018 Federal income tax return?

Weber resides in a state that imposes a tax on income. The following information relating to Weber's state income taxes is available:State income taxes withheld in 2018$3,000State sales taxes paid$650Refund received in 2018 for 2017 tax$300Assessment paid in 2018 for 2016 tax$800What amount should Weber use as state and local income taxes in calculating itemized deductions for his 2018 Federal income tax return?a.$3,800b.$3,500c.$3,000d.$2,700e.None of these choices are correct.

Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2019,

Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2019, for $550,000. Kate pays the real property taxes for the entire year on October 1, 2019. a. How much of the property taxes can be deducted by Sally and how much by Kate? b. What effect does the property tax apportionment have on Kate’s adjusted basis in the property? c. What effect does the apportionment have on Sally’s...

Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2019, for $550,000.

Bill is single and has the following information for 2018. What is his AGI after considering...

Bill is single and has the following information for 2018. What is his AGI after considering all of this information? Bill is an executive and has $400,000 of salary income. Bill owns 100% of Holtz, Inc. Holtz is a C corporation with $2,000,000 of taxable income for 2018. Bill receives a $75,000 cash dividend. Bill owns 100% of Wallace Enterprises. Wallace is an S corporation. Bill does not materially participate in the S corporation. His basis in the stock is...

Tax law changes were passed at the end of 2017and Property tax deductions was one of...

Tax law changes were passed at the end of 2017and Property tax deductions was one of the changes! please prepare a four page paper on below questions Based on the current tax law for Property tax deductions, What was the prior law, what changed , who will it impact and how etc.?

Subjects