What amount can arun deduct as an itemized deduction

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Reference no: EM131909728

1. Victor, a calendar year taxpayer, owns 100 shares of AB Corporation stock, which was purchased three years ago for $5,000. Victor sells all 100 shares on December 27, of the current year, for $4,000 and on January 5, of the following year, purchases 60 shares of AB Corporation stock. Victor's recognized loss will be?

2. Arun paid the following taxes this year:

Real estate taxes on rental property he owns	$4,000
Real estate taxes on his own residence	3,600
Federal income taxes	8,000
State income taxes	3,400
Local city income taxes	500

What amount can Arun deduct as an itemized deduction on his tax return?

Reference no: EM131909728

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