Jesse Brimhall is 35, with good eyesight and single. In 2015, his itemized deductions were $4,000 before considering any real property taxes he paid during the year. Jesseâs adjusted gross income was $70,000 (also before considering any property tax deductions). In 2015, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2.
a. If property 1 is Jesseâs primary residence and property 2 is his vacation home (he does not rent it out at all), what is his taxable income after taking property taxes into account? ?????
b. If property 1 is Jesseâs business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account?????
c. If property 1 is Jesseâs primary residence and property 2 is a parcel of land he holds for investment, what is his taxable income after taking property taxes into account??????
Jesse Brimhall is 35, with good eyesight and single. In 2015, his itemized deductions were $4,000 before considering any real property taxes he paid during the year. Jesseâs adjusted gross income was $70,000 (also before considering any property tax deductions). In 2015, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. |
a. | If property 1 is Jesseâs primary residence and property 2 is his vacation home (he does not rent it out at all), what is his taxable income after taking property taxes into account? ?????
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