Charles has agi of 50000 and has made the following

Reference no: EM13580938

Charles has AGI of $50,000 and has made the following payments related to land he inherited from his deceased aunt and a personal vacation taken last year. State inheritance tax on the land $ 1,220 County real estate tax on the land 1,690 School district tax on the land 1,145 City special assessment on the land 830 State tax on airline tickets 139 Local hotel tax (paid during vacation) 207 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. Deductible taxes $ b. Suppose that Charles holds the land for rent. Deductible taxes $ c.Suppose that the vacation was actually a business trip. Deductible taxes $?

Reference no: EM13580938

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