In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return? Group of answer choices $10,000 $20,000 $40,000 $0
In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return? Group of answer choices $10,000 $20,000 $40,000 $0
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 35P
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Question
In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return?
Group of answer choices
$10,000
$20,000
$40,000
$0
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