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11 November, 01:18

Hugh, a self-employed individual, paid the following amounts during the year:Real estate tax on Iowa residence $3,800State income tax 1,700Real estate taxes on a vacation home 2,100Gift tax paid on gift to daughter 1,200State sales taxes 1,750State occupational license fee 300Property tax on value of his automobile (used 100% for business) 475What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI? a. $8,850b. $9,625c. $7,650d. $10,000e. None of these choices are correct.

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  1. 11 November, 02:38
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    c. $7,650

    Explanation:

    The maximum amount Hugh can claim is the summation of real estate tax on Iowa residence, real estate taxes on a vacation home, and State sales taxes. This is calculated as follows:

    The maximum amount to claim = $3,800 + $2,100 + $1,750 = $7,650

    Therefore, the maximum amount Hugh can claim as taxes in itemizing deductions from AGI is $7,650.
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