Charles has AGI of $50,000 and has made the following payments related to (1) land...
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Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $ 1,820 County real estate tax on the land 1,520 School district tax on the land 825 City special assessment on the land (replacing curbs and gutters) 717 State tax on airline tickets (paid on vacation) 408 Local hotel tax (paid during vacation) 195 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: a. Suppose that Charles holds the land for appreciation. Deductible taxes from agi ? b. Suppose Charles rents out the land. Deductible taxes from agi ? c. Suppose that the vacation was actually a business trip. Deductible taxes from agi ?
I am working on a problem similar to this one but no matter what I do I can not come up with the answer for part C. Any help would be appreciated.
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