contestada

During the current year, Paul and Mary Davis, cash-basis taxpayers, paid the following taxes:State income taxes withheld Estimated federal income tax Estimated state income taxSales tax on new auto used 60% for business State gift taxProperty tax, including $50 for trash pickup Property tax on their vacation home in Canada$ 300 250 1,500 1,400 1,000 2,600 1,000What amount can Mary and Paul claim as an itemized deduction on their current-year federal income tax return?A. $4,350
B. $5,350
C. $6,350
D. $6,400

Respuesta :

Answer:

C. $6,350

Explanation:

The amount that Mary and Paul can claim as itemized deduction on their current-year federal income tax return = Estimated federal income tax + Estimated state income tax + State gift tax + Property tax, including $50 for trash pickup + Property tax on their vacation home in Canada

= $ 250 + $ 1500 + $ 1000 + $ 2600 + $ 1000

= $ 6350

Therefore, Mary and Paul can claim $ 6350.