Are these items deductible or not deductible? a. Deductible b. Not deductible state income taxes Interest on a 2018...

50.1K

Verified Solution

Question

Accounting

Are these items deductible or not deductible?
a. Deductible
b. Not deductible
state income taxes
Interest on a 2018 mortgage loan of $750,000
Real estate taxes
$67 in credit card interest
$ 576 interest on a bank loan
FICA withheld by employer
federal gasoline tax
federal excise tax
loan fee for appraisal
local income tax
$500 to family physician (disregard limits)
$2000 for long term care (disregard limits)
$400 for eye glasses (disregard limits)
$300 for maternity clothes
$50 donation to your public library
$250 donation to your church or mosque or synagogue
$200 to a political party
Personal property tax based on value of your property
property tax you paid on your parent's property
real estate taxes paid on your own property

Answer & Explanation Solved by verified expert

4.0 Ratings (795 Votes)

Are these items deductible or not deductible a Deductible b Not deductible state income taxes Deductible Interest on a 2018 mortgage loan of 750000 Deductible Real estate taxes Deductible 67 in credit card interest Deductible if credit card is for business See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Are these items deductible or not deductible? a. Deductible b. Not deductible ____state income taxes ____Interest on a 2018...