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How much do the obamas pay

US President Barack Obama and wife Michelle paid more than $US93,000 ($A120,920) in federal taxes last year on an adjusted gross income of more than $US477,000.

Their effective tax rate was 19.6 per cent.

The Obamas lowered their 2014 tax bill by claiming nearly $US160,000 in itemised deductions, including $US70,712 in charitable donations to 33 different charities.

Altogether, they donated nearly 15 per cent of their income, according to tax returns released Friday by the White House. The largest was a $US22,012 donation to the Fisher House Foundation, which supports military families. They also donated $US5000 to Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled.

The 38-page document, which includes the couples Illinois state income tax return, shows the president made nearly $US395,000 in wages.

The couple also reported making $US94,889 from the sale of Obamas best-selling books. Thats down from more than $US116,000 the year before.

Obama received $US51,167 from Random House and $US43,722 from Dystel & Goderich Literary Management.

The White House released the Obamas tax returns ahead of the filing deadline Wednesday.

The Obamas are getting a tax refund of $US20,641. They could have received an additional $US5000 but opted to apply that amount to their 2015 tax bill.

Never livedin 1970s apartments sold at auction

AN APARTMENT block built in the 1970s but has never been occupied may finally see its first tenants after its owner passed away and it was sold.

The two-storey, three-unit complex at 65 Hawthorne Street, Woolloongabba, in Brisbanes south, was built four decades ago by a Russian dentist who migrated to Australia with his mother. He bought the 607sqm block of land when he was living in the three-bedroom home next door, at 63 Hawthorne Street, with his mother.

Naming the apartment block after his mother, the dentist built the block with a plan to move his mother into the ground floor unit. When she didnt want to move from the Post War home, the three units remained empty. Even after her death, the dentist never wished to lease the apartments he built for his mother, freezing them in a 1970s time capsule.

However, the units may finally get their first tenants after they were sold at auction, along with the neighbouring home, for $2.1 million on Saturday. The dentist passed away about a year ago, bequeathing the properties to friends.

Selling agent Martin Hood of RE/MAX Riverside told the decision to offer the apartment block and house as a package was to take advantage of marketing it as a unique investment or development opportunity.

Even so, Mr Hood said that the result was above reserve and was unexpected.

A lot of people didnt think the sale would eclipse $2 million, he told

Twelve registered bidders turned up to the auction with the final bid from a local Brisbane investor. Mr Hood said it is uncertain what the investor wants to do with the properties at this point whether he wants to renovate the untouched 70s apartments and unrestored Post War home, knock down both properties and rebuild, or rent them out as is.

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