Business, 29.01.2021 16:20 Skybil1204

In 2018, Faye, a cash-basis individual taxpayer, received an $8,000 bill for Cook County real estate taxes. Believing the amount to be over-stated by $1,000, Faye paid the full amount in 2018 but immediately started an appeal. In June 2019, the matter was settled and she received a $500 refund. Faye itemizes her deductions on her tax returns. Her total itemized deduction exceeded the standard deductions by $3000 in 2018 What would be her best course of action? A. She should deduct the $8,000 in her 2018 federal income tax return and should report the $500 refund as income in her 2019 federal income tax return.
B. She should not deduct any real estate taxes on her 2018 federal tax return and should deduct $7,500 on her 2019 federal income tax return
C. She should deduct $7,000 on her 2018 federal income tax return and she does not need to include the $500 refund in her 2019 gross income
D. She cannot deduct any amount for the real estate tax on her 2018 income tax return, and should file an amended 2018 federal income tax return in 2019.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 11:10

An insurance company estimates the probability of an earthquake in the next year to be 0.0015. the average damage done to a house by an earthquake it estimates to be $90,000. if the company offers earthquake insurance for $150, what is company`s expected value of the policy? hint: think, is it profitable for the insurance company or not? will they gain (positive expected value) or lose (negative expected value)? if the expected value is negative, remember to show "-" sign. no "+" sign needed for the positive expected value

Answers: 2

Answer

Business, 22.06.2019 16:30

Summarize the specific methods used by interest groups in order to influence governmental decisions making in all three branches of government. provide at least two examples from each branch.

Answers: 3

Answer

Business, 22.06.2019 22:20

Who owns a renter-occupied apartment? a. the government b. a landlord c. the resident d. a cooperative

Answers: 1

Answer

Business, 22.06.2019 23:50

In june, one of the processinthe assembly department started the month with 25,000 units in its beginning work in process inventory. an additional 310,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 30,000 units completed and transferred to the next processing department during the month. how many units the assembly department started the month with 25,000 units in its beginning work in process inventory. an additional 310,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 30,000 units completed and transferred to the next processing department during the month. how many units were in its ending work in process inventory

Answers: 2

Answer

You know the right answer?

In 2018, Faye, a cash-basis individual taxpayer, received an $8,000 bill for Cook County real estate...

Questions