Register
In 2019, Jonathan pays real estate taxes of $18,000 and New York State income taxes of $17,000. Assuming he itemizes, what deduction for taxes can Jonathan claim in 2019
193k views
0 votes
In 2019, Jonathan pays real estate taxes of $18,000 and New York State income taxes of $17,000. Assuming he itemizes, what deduction for taxes can Jonathan claim in 2019

User Netimen
by
5.8k points

1 Answer

2 votes

Answer: $28,000

Step-by-step explanation:

Jonathan can deduct both the real estate taxes and the state income taxes but the Tax Cuts and Jobs Act cut the deduction one can claim on State and Local taxes to $10,000 from 2018 to 2025.

The total deduction Jonathan can claim is therefore:

= Real estate taxes + Capped state income tax

= 18,000 + 10,000

= $28,000

User Denis Murphy
by
6.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.6m questions

8.7m answers

Other Questions

One reason that businesses want to combine with other businesses is to A. avoid taxes. B. delay expenses. C. hire more workers. D. reduce expenses.
Which of the following possesses the sole power to create revenue bills?
Which of the following is an example of a fixed expense? A.) Clothing B.) Rent C.) Food D.) Entertainment
A ______ is "the basic interpretive mechanism to let people know what an organization is doing and are sent out to editors and reporters in hopes of stimulating favorable stories about their organizations"
All of the following are fees typically charged by credit card companies EXCEPT: A. Late payment fee B. Balance Transfer fee C. Annual membership fee D. Reload fee
Link Copied!