Question : Question I have a question for one of my accounting problems. Charles
I have a question for one of my accounting problems.
Charles has AGI of $41,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year.
State inheritance tax on the land $ 2,110
County real estate tax on the land 1,980
School district tax on the land 792
City special assessment on the land (replacing curbs and gutters) 750
State tax on airline tickets (paid on vacation) 315
Local hotel tax (paid during vacation) 255
Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances:
c. Suppose that Charles holds the land for appreciation and that the vacation was actually a business trip