A single taxpayer has the following TOTAL tax deductible expenses: $2000 mortgage interest $2000 state and local
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Question:
A single taxpayer has the following TOTAL tax deductible expenses:
$2000 mortgage interest
$2000 state and local real estate taxes paid
$2000 state and local income taxes paid
If he was in the 28% marginal tax bracket , how much of tax benefit would this provide for him?
a. $6000
b. You would need his average tax rate to find the answer.
c. $0
d. $1680
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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