Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2022, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. Required: a. If property 1 is Jesse's 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 Jesse's business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account (ignore the deduction for qualified business income)?
Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2022, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. Required: a. If property 1 is Jesse's 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 Jesse's business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account (ignore the deduction for qualified business income)?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 46P
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Transcribed Image Text:Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real property taxes he paid during the
year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2022, he paid real property
taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the
year.
Required:
a. If property 1 is Jesse's 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 Jesse's business building (he owns the property) and property 2 is his primary residence, what is his taxable income
after taking property taxes into account (ignore the deduction for qualified business income)?
c. If property 1 is Jesse's 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?
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