Jenna (age 50) files single and reports AGI of $80,000. This year she has incurred the...
Jenna (age 50) files single and reports AGI of $80,000. This year she has incurred the following expenses. Please calculate the following:
State Tax Withholding $2000
Sales Tax using IRS Sales Tax Calculator $1300
Real Estate Taxes on Main Home $4600
Taxes on Boat based on property value $ 250
Taxes on Vehicle registration based on weight $ 100
Taxes on rental property $3000
Homework Answers
Ans.
There are four types of deductible non-business taxes from AGI;-
- State, local, and foreign income taxes
- State and local general sales taxes
- State and local real estate taxes, and [Deductible real estate taxes are generally any state or local taxes on real property levied for the general public welfare. The charge must be uniform against all real property in the jurisdiction at a like rate.]
- State and local personal property taxes [Deductible personal property taxes are those based only on the value of personal property such as a boat or car. The tax must be charged to you on a yearly basis, even if it's collected more than once a year or less than once a year.]
So deduction available would be:
A. State Tax Withholding $2000
B. Sales Tax using IRS Sales Tax Calculator $1300
C. Real Estate Taxes on Main Home $4600
D. Taxes on Boat based on property value $ 250
E. Taxes on Vehicle registration based on weight: Not allowed as it is not based on Value but on Weight
F. Taxes on rental property $3000
Hence Jenna's Taxable Income would be: $ 80,000 -[$2000+$1300+$4600+$250+$3000]
= $ 68,850/-
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