In 2021 John and Larry filed a joint tax return. They are cash-basis taxpayers. They paid the
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In 2021 John and Larry filed a joint tax return. They are cash-basis taxpayers. They paid the following. They itemize their deductions.
FICA taxes on their wages | $1,000 |
Property tax on home in Los Angeles | 4,100 |
California income tax (withholdings) | 3,000 |
Estimated federal income tax | 4,500 |
Estimated California income tax (paid by check) | 800 |
California Sales Tax | 500 |
What amount can Larry and John claim as an itemized deduction for taxes on their federal income tax return in 2021.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: