Answered: ty taxes to the state government, $500…

ty taxes to the state government, $500 to the developer of the su real property taxes on land they hold as an investment. What amo ng their itemized deductions exceed the standard deduction amo

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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Question

Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of the first homes in the subdivision. During the
year, they paid $1,500 in real property taxes to the state government, $500 to the developer of the subdivision for an assessment to
pay for the sidewalks, and $900 for real property taxes on land they hold as an investment. What amount of property taxes are the
Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any
property tax deductions and they pay $5,000 of state income taxes for the year and no other deductible taxes?
Deductible property taxes amount

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