Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances:

a. Suppose that Charles holds the land for appreciation.

b. Suppose that Charles holds the land for rent.

c. Suppose that the vacation was actually a business trip for his employer

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State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) $ 1,200 1,500 690 700 125 195 State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) $ 1,200 1,500 690 700 125 195

Answer rating: 100% (QA)

Itemized deductions Itemized deductions are specified eligible expenses that an individual can claim as a deduction in place of standard deduction Exa... View the full answer