Question

Which of the following donations is not deductible as a charitable deduction?

a.A donation of clothing to Goodwill Industries.

b.A donation of stock to a public university.

c.A donation of a taxpayer's time picking up trash on the beach.

d.A painting donation to a museum.

e.A cash donation to a church.

Which of the following interest expense amounts is not deductible in the current year?

a.Investment interest expense of $10,000, assuming the taxpayer has no investment income.

b.Qualified residence interest of $70,000 on a $730,000 loan used to purchase a luxury apartment in downtown San Diego.

c.Education loan interest of $2,000, assuming the taxpayer has income of $30,000.

d.Home equity loan interest of $6,000, on a loan of $90,000, the proceeds of which were used to add a new bedroom and bathroom to an existing primary residence.

Which of the following is deductible as interest on Schedule A?

a.Fees for having a new home inspected prior to purchase.

b.Interest on loans to finance tax-exempt bonds.

c.Interest on a loan for a 90-foot yacht (a qualified residence) with a kitchen, 3 baths and 5 bedrooms.

d.Loan fees that are not "points".

e.None of these choices are deductible as interest.

Which of the following taxes may be deducted as itemized deductions?

a.Fishing license fee.

b.Federal income taxes.

c.Social Security taxes.

d.State gasoline taxes.

e.Local income taxes.

Which of the following is not considered a deductible medical expense?

a.Acupuncture.

b.Prescription eyeglasses.

c.Dental work.

d.Toothbrush.

Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2018?

a.$3,400

b.$3,450

c.$4,600

d.$1,000

e.$1,300

Answer 1

Q	Which of the following donations is not deductible as a charitable deduction.
Answer	a.A donation of clothing to Goodwill Industries.
Q	Which of the following interest expense amounts is not deductible in the current year?
Answer	a.Investment interest expense of $10,000, assuming the taxpayer has no investment income.
Q	Which of the following is deductible as interest on Schedule A
Answer	c.Interest on a loan for a 90-foot yacht (a qualified residence) with a kitchen, 3 baths and 5 bedrooms.
Q	Which of the following taxes may be deducted as itemized deductions?
Answer	e.Local income taxes.
Q	Which of the following is not considered a deductible medical expense?
Answer	d.Toothbrush.
Q	Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2018?
Answer	b.$3,450