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amount qualifies as a deduction from AGI for Nancy?

amount qualifies as a deduction from AGI for Nancy?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nancy paid the following taxes during the year: Tax on residence (for the period from March 1 through August 31) State motor vehicle tax (based on the value of the personal use automobile) State sales tax State income tax Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy? Ox $9,180 b. 55,382 $5,250 430 3,500 3,050 $7,382 Od 59,130
Transcribed Image Text:Nancy paid the following taxes during the year: Tax on residence (for the period from March 1 through August 31) State motor vehicle tax (based on the value of the personal use automobile) State sales tax State income tax Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy? Ox $9,180 b. 55,382 $5,250 430 3,500 3,050 $7,382 Od 59,130
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