Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa residence                                                                  $3,800 State income tax                                                                                             1,700 Real estate taxes on a vacation home                                                 2,100 Gift tax paid on gift to daughter                                                                1,200 State sales taxes                                                                                              1,750 State occupational license fee                                                                        300 Property tax on value of his automobile (used 100% for business)             475 What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Hugh, a self-employed individual, paid the following amounts during the year:

Real estate tax on Iowa residence                                                                  $3,800

State income tax                                                                                             1,700

Real estate taxes on a vacation home                                                 2,100

Gift tax paid on gift to daughter                                                                1,200

State sales taxes                                                                                              1,750

State occupational license fee                                                                        300

Property tax on value of his automobile (used 100% for business)             475

What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI?

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