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CC Tax Deduction Qualified Trade Charitable Deductions & Taxes Refund Discussion

CC Tax Deduction Qualified Trade Charitable Deductions & Taxes Refund Discussion

Question Description

1- Aimee is single and has taxable income before the QBI deduction of $178,300. Aimee owns a sole proprietorship (not a professional service) that produced net ordinary income of $180,000 and subject to self-employment tax of $21,300. The business paid total W-2 wages of $74,000 and the total unadjusted basis of prop­erty held by the business is $120,000. How much is Aimee’s QBI deduction?

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2- a. Kamar gave some long-term real estate to a hospital. The property was worth $33,000 and had a basis of $10,000. Kamar’s adjusted gross income was $60,000 and Kamar made cash contributions of $9,000. How much is Kamar’s charitable deduction?

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b. Haley made several contributions to Haley’s alma mater during the current year as follows:

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Cash $ 5,200

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A painting that Casey has owned five years for display in the library (basis, $1,280), FMV 9,500

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Stock held for 10 months as an investment (basis, $900), FMV 1,200

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Assuming Haley’s AGI is $32,000, how much is Haley’s charitable contribution deduction?

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3- Josephine is single and paid the following taxes during 2020:

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State income taxes withheld from wages $ 4,375

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Refund of 2019 state income taxes – 45

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State and local sales taxes paid 3,125

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State and local real property taxes paid 5,285

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State auto registration ($380 was based on the value) 525

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How much is Josephine’s federal deduction for state and local taxes?


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