Federal income tax $15,000State income tax $8,500 Real estate taxes on land in South America (held as an investment) $1,000 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year?

total cap for itemized tax deduction = $10,000  

Explanation:

given data

Federal income tax = $15,000

State income tax = $8,500

Real estate taxes = $1,000

State sales taxes = 300

Personal property taxes = $1,600

Federal self-employment tax = $800

solution

as here all mentioned item is only for state federal paid tax and property tax so that is consider for the itemized deduction.

you are either claim income or the sales tax  but not both.

also cap for tax deduction is capped for $10,000.

so

we consider income tax and here higher than the sales tax and property tax

so here deductible amount will be

deductible amount = $15000 + $8500 + $1600

 deductible amount = $25,100

but

total cap for itemized tax deduction = $10,000  

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