Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in 2018. Y claimed a total of $14,000 in itemized deductions on Y's 2018 federal income tax return. In 2019, Y received a $1,500 state income tax refund due to Y's overpayment of state income taxes in 2018. The standard deduction in 2018 was $12,000 How much of the state income tax refund will need to be included in Y's gross income in 2019
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in 2018. Y claimed a total of $14,000 in itemized ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Write notes from any video?
Answers (1)
You are part of a task force with a group leader who has a distant relationship with group members and who is concerned with getting the job done. which type of leader does your task force have?
Answers (1)
When the non-dividend paying stock price is $20, the strike price is $20, the risk-free rate is 6%, the volatility is 20% and the time to maturity is 3 months, which of the following is the price of a European call option on the stock?
Answers (1)
Watchdog over spending of funds
Answers (1)
acquired 20600 shares of its own common stock at $18 per share on February 5, 2020, and sold 10300 of these shares at $25 per share on August 9, 2021.
Answers (1)
New Questions in Business
Assume that a $1,000,000 par value, semiannual coupon US Treasury note with five years to maturity has a coupon rate of 6%. The yield to maturity (YTM) of the bond is 11.00%.
Answers (2)
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 par of 6% cumulative preferred stock.
Answers (1)
True or False: An interest-bearing account is an account that generates interest income on the available balance in the account. → False
Answers (1)
Answer the question on the basis of the following information for a bond having no expiration date: bond price = $1,000; bond fixed annual interest payment = $100; bond annual interest rate = 10 percent. Refer to the given information.
Answers (1)
Other than getting laborers to work their land, how did the sharecrop system benefit landowners? a. Government subsidies provided them with more income. b. Profits were greater than under the slave labor system. c.
Answers (1)