Colin (age 40) is single and itemizes his deductions. His AGI is $100,000. Colin provided the following information about his cash expenditures for 2011:
$$\begin{array} { l r }
\text { Interest on loan to purchase corporate securities } & \$ 900 \
\text { Interest on American Express card } & 1,200 \
\text { Points to refinance his home at the end of December } & 2,600 \
\text { Mortgage interest payments } & 11,800 \
\text { Real estate taxes } & 2,100 \
\text { State income taxes withheld on salary } & 5,400 \
\text { Additional state income tax estimated payment } & 1,200 \
\text { Contribution to Republican Party } & 2,000 \
\text { Contribution to United Way } & 500
\end{array}$$
-What is Colin's deduction for taxes?

Question

Colin (age 40) is single and itemizes his deductions. His AGI is $100,000. Colin provided the following information about his cash expenditures for 2011:
 $$\begin{array} { l r } 
\text { Interest on loan to purchase corporate securities } & \$ 900 \
\text { Interest on American Express card } & 1,200 \
\text { Points to refinance his home at the end of December } & 2,600 \
\text { Mortgage interest payments } & 11,800 \
\text { Real estate taxes } & 2,100 \
\text { State income taxes withheld on salary } & 5,400 \
\text { Additional state income tax estimated payment } & 1,200 \
\text { Contribution to Republican Party } & 2,000 \
\text { Contribution to United Way } & 500
\end{array}$$
-What is Colin's deduction for taxes?

Quizplus · Accepted Answer

Colin's deduction for taxes includes the real estate taxes of $2,100, the state income taxes withheld on salary of $5,400, and the additional state income tax estimated payment of $1,200, totaling $8,700. Contributions to political parties are not deductible as taxes.

Colin (Age 40) Is Single and Itemizes His Deductions -What Is Colin's Deduction for Taxes? A) $8,700 B) $7,500

Colin (Age 40) Is Single and Itemizes His Deductions -What Is Colin's Deduction for Taxes?
A) $8,700
B) $7,500