Final answer:
From the options given, personal property tax on a boat and real estate taxes on investment property can be deducted as itemized deductions from AGI. Federal gift taxes, federal estate taxes, and Social Security tax withheld from pay are not deductible.
Step-by-step explanation:
The question is asking which types of taxes can be deducted from Adjusted Gross Income (AGI) when itemizing deductions on a tax return. Of the options provided:
Personal property tax on the value of a boat can be deducted if it's based on the value of the property.Real estate taxes on property held for investment can be deducted since they are considered property taxes.Federal gift taxes cannot be deducted as they are paid on the transfer of assets.Federal estate taxes cannot be deducted as these are also transfer taxes after someone's death.Social security tax withheld from pay is not deductible because it's a payroll tax that funds Social Security and Medicare.
Only certain state, local, real estate, and personal property taxes may qualify as itemized deductions on a federal income tax return. Federal taxes like gift and estate taxes are not deductible.