Last year,Ned's property tax deduction on his residence was $12,500.Although he lives in the same house,he tells his CPA that this year's taxes will be only $7,500.The CPA can use this estimate in computing Ned's itemized deductions,under the Statements of Standards for Tax Services.

Question

Quizplus · Accepted Answer

Estimates are allowed under the Standards,but only if they are reasonable under the circumstances.

Last Year,Ned's Property Tax Deduction on His Residence Was $12,500