Matt paid the following taxes this year: Real estate taxes on his own residence $3,600 State income taxes 900 Local city income taxes 300 State sales taxes 1,400 What is the maximum amount Matt can deduct as an itemized deduction on his tax return?

$5,300  is the maximum amount Matt can deduct as an itemized deduction on his tax return.

Explanation:

Real estate taxes on his own residence         $3,600

State income taxes                                             1,400

Local city income taxes                                       300

Total itemized deduction                                  $5,300

Sales taxes are not deductible in 2014.

Under the United States tax law, individual taxpayers ' deductions constitute eligible expenses for federal returns of taxation and which reduce their taxable income and which may, if available, be reimbursed in place of a standard deduction.

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