Multiple Choice
During 2015,Hugh,a self-employed individual,paid the following amounts: Real estate tax on Iowa residence $3,800 State income tax 1,700 Real estate taxes on land in Puerto Rico (held as an investment) 1,100 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?
A) $6,600
B) $6,650
C) $7,850
D) $8,625
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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