Spanish income tax questions.

Income Tax Fundamental Questions?!!?

• I am so lost and confused I hope someone can help me with these few questions.... 1. Harris had adjusted gross income in2009 of $130,000.00. Durring the year his personal summer home was almost completely destroyed by a cyclone. Pertinent data with respect to the home follows: Cost basis: $139,000.00 Value before casualty: $145,000 Value after casualty: $13,000.00 Hariss was partially insured for his loss and in 2009 he received a $115,000 insurance settlement. What is Harris' allowable casualty loss deduction for 2009? 2.Frank's state and local income tax available: State income taxes withheld in 2009: $3,500 Refund of 2008 tax received in 2009: $400 Deficiency assesed and pain in 2009 for 2006 Tax: $600 Interest: $100 What amount should Frank use as state and local income taxes in calculating itemized deductions for his 2009 Federal tax return, assuming he elects to deduct state and local income tax? 3. Harvey itemized deductions on his 2008 income tax return. Harvey plans to itemize deductions again in 2009 and the following information is available regarding state and local income taxes. Taxes withheld in 2009: $2,500 Refund received in 2009 if 2008 tax: $500 Assessment paid in 2009 of 2006 tax: $300 Assuming he elects to deduct state and local income taxes, the above information should be reported by Harvey in his 2009 tax return: A) Itemized deduction for state and local income taxes of $2,500, and income from state and local tax refund of $200 B) Itemized deduction for state and local income taxes of $2,300 C) Itemized deduction for state and local income taxes of $2,800 D) Itemized deduction for state and local income taxes of $2,800 and income from state and local tax refund of $500... If you can help me with these 3 questions I would greatly appreciate it. I just can't figure out how to work them and what the answers are. Thanks in advance!

• Answer:

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