Questions -
Q1. During 2017, Belen paid the following taxes:
Property taxes on residence (paid from escrow account)$1,550Property tax portion of car registration (based on value) 400Property taxes on land held for long-term appreciation 350
What amount can Belen deduct as property taxes in calculating her itemized deductions for 2017?
$1,950.
$2,300.
$350.
$750.
Q2. During 2017, Manuel and Gloria, who are not married and live in Beverly Hills, incurred acquisition debt on their new residence of $2,150,000. On their individual tax returns, what is the amount of qualified acquisition debt on which they can each deduct interest?
$1,000,000.
$1,050,000.
$900,000.
$1,150,000.