During 2018, Noriko paid the following taxes related to her home:
Real Estate property taxes on residence (paid from escrow account)
$ 1,800
State personal property tax on her automobile (based on value)
600
Property taxes on land held for long-term appreciation 400
What amount can Noriko deduct as property taxes in calculating itemized deductions, assuming she was under the $10,000 limit for state and local taxes, for 2018?
$400.
$1,000.
$2,400.
$2,800.
$2,800.
$1,800 + $600 +$400 = $2,800
As the state personal property tax was based on the value of her vehicle, it is a tax and not a fee, and is allowable as a deduction. The Tax Cuts and Jobs Act (TCJA) of 2017 limited the deduction for income, real estate and other state and local taxes. Beginning in 2018, the limitation for the deductibility of all state and local taxes is $10,000 ($5,000 for MFS).

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30-11-2022
Business

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During 2018, Noriko paid the following taxes related to her home:
Real Estate property taxes on residence (paid from escrow account)
$ 1,800
State personal property tax on her automobile (based on value)
600
Property taxes on land held for long-term appreciation 400
What amount can Noriko deduct as property taxes in calculating itemized deductions, assuming she was under the $10,000 limit for state and local taxes, for 2018?
$400.
$1,000.
$2,400.
$2,800.
$2,800.
$1,800 + $600 +$400 = $2,800
As the state personal property tax was based on the value of her vehicle, it is a tax and not a fee, and is allowable as a deduction. The Tax Cuts and Jobs Act (TCJA) of 2017 limited the deduction for income, real estate and other state and local taxes. Beginning in 2018, the limitation for the deductibility of all state and local taxes is $10,000 ($5,000 for MFS).

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contexto38 contexto38 · Answer 1 · 2022-12-04T05:45:34+01:00

If Noriko is under the $10,000 cap for state and local taxes for 2018, she can deduct $2,800 in property taxes when calculating her itemized deduction. The right response in this case is option D.

Real estate that is held by a person, a business, or another sort of legal entity is subject to property tax. Real estate ad-valorem taxes, which are viewed as regressive taxes, are the most common type of property tax. It is computed by the local government in the area where the property is situated, and the owner is responsible for paying for it.

$1,800 in real estate property taxes for a home

Her car's state personal property tax is worth $600.

$400 in property taxes for a plot of land preserved for future value

Since the state's personal property tax was calculated based on the value of her car, it qualifies as a tax rather than a charge and can be deducted.

= $1,800 + $600 +$400

= $2,800

To learn more about itemized deduction

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