Question

In: Accounting

Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on...

Hugh, a self-employed individual, paid the following amounts during the year 2020:

Real estate tax on Texas residence   $2,000

State income tax withheld   1,500

Additional state income tax paid when filing his 2019 tax return 600

Real estate tax on a rental property   2,000

State sales taxes 900

State motor vehicle tax (based on the value of personal use automobile) 400

Sidewalk special assessment   2,000

Federal income tax   5,000

Self-employment tax   1,000

Gambling loss (gambling winning is $100)   1,000

What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI?

Solutions

Expert Solution

Please give positive ratings..............your ratings will be helpful for me. if you have any query regarding this solution please comment below. I will be grateful to help you. Thank you!


Related Solutions

Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on...
Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on Louisiana residence   $2,000 State income tax withheld   1,500 Additional state income tax paid when filing his 2019 tax return 600 Real estate tax on a rental property   2,000 State sales taxes 900 State motor vehicle tax (based on the value of personal use automobile) 400 Sidewalk special assessment   2,000 Federal income tax   5,000 Self-employment tax   1,000 Gambling loss (gambling winning is $100)   1,000 What...
Omar paid the following taxes this year (2020): Real estate taxes on rental property he owns...
Omar paid the following taxes this year (2020): Real estate taxes on rental property he owns $5,000 Real estate taxes on his own residence 7,600 Federal income taxes 12,000 State income taxes 4,400 Local city income taxes 400 What amount can Omar deduct as an itemized deduction on his tax return? A) $7,600                               B) $10,000 C) $12,400 D) $29,400 LABEL AND SHOW ALL WORK.
Be prepared to answer the following: Compare and contrast employee vs self-employed individual for tax purposes
Be prepared to answer the following: Compare and contrast employee vs self-employed individual for tax purposes
In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return:...
In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return: Tax deficiency $5,000 Negligence penalty 1,000 Interest 500 Underpayment of the estimated tax penalty 350 Which of the above items may be deducted on Michelle’s 2019 individual income tax return? Explain !!!response should be 200 words or more!!!
Mary’s AGI for the year is $30,000. She paid the following amounts during the current year:...
Mary’s AGI for the year is $30,000. She paid the following amounts during the current year: Amount         Purpose $2,500             Interest on $100,000 mortgage to acquire personal residence      550           Points paid to obtain the mortgage      850             Interest on auto loan (auto is used 100% for personal purposes) Mary’s current year interest itemized deduction after any applicable floor is: a.   $3,900. b.   $3,350. c.   $3,050. d.   $2,500. e.   none of the above. 2.   Jon’s AGI for the year is $40,000....
Tabitha sells real estate on March 2 of the current year for $350,800. The buyer, Ramona, pays the real estate taxes of $17,540 for the calendar year, which is the real estate property tax year.
Tabitha sells real estate on March 2 of the current year for $350,800. The buyer, Ramona, pays the real estate taxes of $17,540 for the calendar year, which is the real estate property tax year.Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year.a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona.Tabitha: $Ramona:...
Smithers is a self-employed individual who earns $33,000 per year in self-employment income. Smithers pays $2,100...
Smithers is a self-employed individual who earns $33,000 per year in self-employment income. Smithers pays $2,100 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation.   a. Smithers is single and the self-employment income is his only source of income. b. Smithers is single, but besides being self-employed, Smithers is also employed part-time by SF...
it does not matter whether an individual is employed or self-employed since he or she can...
it does not matter whether an individual is employed or self-employed since he or she can claim the same expenses under either category as long as the expense was incurred to earn income. Comment of the accuracy of this statement.
Tabitha sells real estate on March 2 for $260,000. The buyer, Ramona, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.
Tabitha sells real estate on March 2 for $260,000. The buyer, Ramona, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. b. Calculate Ramona’s basis in the property and the amount realized by Tabitha from the sale.    
Tom sells real estate on March 2 for $260,000. The buyer, Raul, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.
Tom sells real estate on March 2 for $260,000. The buyer, Raul, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.A. Determine the real estate taxes apportioned to and deductible by the seller, Tom, and the amount of taxes deductible by Raul.B. Calculate Raul's basis in the property and the amount realized by Tom from the sale.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT