A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation fees, and $2,000 in Section 1341 Claim of Deductions available for itemization. Ignoring the 2% of AGI limitation, what amount of these base values - in total - is deductible for California but NOT for the Federal return?
A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation fees, and $2,000 in Section 1341 Claim of Deductions available for itemization. Ignoring the 2% of AGI limitation, what amount of these base values - in total - is deductible for California but NOT for the Federal return?
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 23MCQ
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![A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation fees, and $2,000 in
Section 1341 Claim of Deductions available for itemization. Ignoring the 2% of AGI limitation, what amount of these base
values - in total - is deductible for California but NOT for the Federal return?
500
2500
4000
7000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae9301d8-d043-4735-8120-4cec56adc0ec%2F38473e10-dea0-44a5-a15a-f1ebc7bd38c6%2Fm5a4q9n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation fees, and $2,000 in
Section 1341 Claim of Deductions available for itemization. Ignoring the 2% of AGI limitation, what amount of these base
values - in total - is deductible for California but NOT for the Federal return?
500
2500
4000
7000
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