Brad, who uses the cash method of accounting, lives in a state that imposes an...
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Accounting
Brad, who uses the cash method of accounting, lives in a state that imposes an income tax (including withholding from wages). On April 14, 2018, he files his state return for 2017, paying an additional $600 in state income taxes. During 2018, his withholdings for state income tax purposes amount to $3,550. His total state sales taxes for 2018 come to $3,700. He is also a car enthusiast pays $3,000 of state personal property taxes and $3,000 in state and local real estate taxes during the year. How much can Brad claim as a deduction for state and local income taxes during the year?
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