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What is the maximum amount tom can claim as taxes

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Reference no: EM132773609

Tom, a cash basis, self-employed individual, paid the following amounts during 2020:

Real estate tax on Iowa residence $3,800

State income tax 1,900

Real estate taxes on a vacation home 2,100

Gift tax paid on gift to daughter 1,200

State sales taxes 1,750

State occupational license fee 300

Property tax on value of his automobile

(used 100% for business) 475

Problem ?A) What is the maximum amount Tom can claim as taxes in itemizing deductions from AGI?

Problem B) How would your answer change if Tom had paid $4,900 in state income taxes?

Reference no: EM132773609

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