Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one...
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Accounting
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 $1,710 in real property taxes to the state government, $605 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,110 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 $6,050 of state income taxes for the year and no other deductible taxes
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