Carlos, a self-employed construction contractor, contributed $5,000 to the re-election campaign of the local mayor in the hopes that his planned construction project will be approved. How much is Carlos's deduction for this political contribution?

Question

Quizplus · Accepted Answer

Political contributions are not tax-deductible for individual taxpayers, regardless of whether they are self-employed or not. Therefore, Carlos's deduction for this contribution is $0.

Carlos, a Self-Employed Construction Contractor, Contributed $5,000 to the Re-Election