Mary paid $2,000 of state income taxes in 2016. The total sales tax she paid...
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Accounting
Mary paid $2,000 of state income taxes in 2016. The total sales tax she paid during 2016 was $4,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2016 tax return?
Mary can deduct the greater of the $ of regular sales taxes paid or the $ of state income taxes paid, assuming she itemizes deductions. In this case, she should deduct the $ in sales tax on her 2016 Schedule A.
Jerry made the following contributions during 2016:
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In addition, Jerry donated used furniture to the Salvation Army costing $400 with a fair market value of $200. Jerry has adjusted gross income of $45,000, the necessary written acknowledgments, and he itemizes his deductions.
Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2016.
Enter all amounts as positive numbers.
Gifts to Charity | 16 | Gifts by cash or check. If you made any gift of $250 or more, | ||||||
see instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 | |||||||
If you made a gift and got a benefit for it, see instructions. | 17 | Other than by cash or check. If any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 . . . . . . . | 17 | |||||
18 | Carryover from prior year. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18 | ||||||
19 | Add lines 16 through 18 . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . | 19 |
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You can see the logs in the Dashboard.