How much can Deborah deduct in taxes as itemized deductions?
During the current year, Yvonne, a single individual, paid the following amounts:
$5,000 + 3,500 + 3,700 = $12,200 potential itemized deduction for taxes, but the deduction is limited to $10,000. The taxpayer may deduct the greater of state and local income taxes or sales taxes.
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