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What is the maximum amount matt can deduct

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Question 1 - Matt paid the following taxes this year:

Real estate taxes on his own residence $3,600

State income taxes 900

Local city income taxes 300

State sales taxes 1,400

What is the maximum amount Matt can deduct as an itemized deduction on his tax return?

A. $5,300

B. $4,800

C. $5,000

D. $6,200

Question 2 - In the current year, Julia earns $9,000 in net investment income and incurs $14,000 of investment interest expense. What is the maximum amount of investment interest expense she is allowed to deduct this year?

A. $9,000 deductible this year; $5,000 carried forward to next year

B. $14,000 deductible this year; nothing to be carried forward to next year

C. $3,000 deductible this year; $11,000 carried forward to next year

D. $0

Reference no: EM133173469

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