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Please show all calculations. 8. Omar paid the following taxes this year. Real estate...

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Accounting

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Please show all calculations.

8. Omar paid the following taxes this year. Real estate taxes on rental property he owns Real estate taxes on his own residence Federal income taxes State income taxes Local city income taxes $5,000 7,600 12,000 4,400 400 What amount can Omar deduct as an itemized deduction on his tax return? A) $7,600 B) $10,000 C) $12,400 D) $29,400

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