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What is the maximum amount Tom can claim as taxes

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Reference no: EM132779457

Question - 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

Required -

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

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

Reference no: EM132779457

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