Charles has AGI of $45,500 and has made the following payments related to (1) la

Question

Charles has AGI of $45,500 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:

References

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  State inheritance tax on the land $ 1,430   County real estate tax on the land 1,970   School district tax on the land 873   City special assessment on the land (replacing curbs and gutters) 813   State tax on airline tickets (paid on vacation) 303   Local hotel tax (paid during vacation) 292   State inheritance tax on the land $ 1,430   County real estate tax on the land 1,970   School district tax on the land 873   City special assessment on the land (replacing curbs and gutters) 813   State tax on airline tickets (paid on vacation) 303   Local hotel tax (paid during vacation) 292   State inheritance tax on the land $ 1,430   County real estate tax on the land 1,970   School district tax on the land 873   City special assessment on the land (replacing curbs and gutters) 813   State tax on airline tickets (paid on vacation) 303   Local hotel tax (paid during vacation) 292   State inheritance tax on the land $ 1,430   County real estate tax on the land 1,970   School district tax on the land 873   City special assessment on the land (replacing curbs and gutters) 813   State tax on airline tickets (paid on vacation) 303   Local hotel tax (paid during vacation) 292

Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances:

a. Suppose that Charles holds the land for appreciation.

b. Suppose Charles rents out the land.: (Leave no answer blank. Enter zero if applicable.)

c. Suppose that the vacation was actually a business trip. (Apply limits if applicable)

References

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Explanation / Answer

Charles has AGI of $45,500 and has made the following payments related to (1) la

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