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Matt paid the following taxes in 2015:Real estate taxes on rental property he owns $4,000Real estate taxes on his own residence 3,600Federal income taxes 8,000State income taxes 3,400Local city income
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Matt paid the following taxes in 2015:Real estate taxes on rental property he owns $4,000Real estate taxes on his own residence 3,600Federal income taxes 8,000State income taxes 3,400Local city income taxes 500State sales taxes 700What amount can Matt deduct as an itemized deduction on his tax return?

User Milan Velebit
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Answer:

A) $7,500

Real estate taxes on his own residence $3,600

State income taxes 3,400

Local city income taxes 500

Total itemized deduction $7,500

Sales taxes are not deductible in 2014.

Step-by-step explanation:

User Aaron Schif
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