Dan's AGI is $173,702, including $15,000 ofa taxable income. He paid the following taxes during this tax year. Amount paid to the state with 2017 income tax return   $425 Charitable contributions                                                   $5,000 Investment inretest expense                                             $12,000 Mortgage interest                                                             $11,880 Real estate taxes                                                               $6,898 State income tax withholding                                           $3,583   Calculate how much Dan can deduct for taxes as an itemized deduction this year.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.