Question

Which one of the following is a for AGI deduction? O Casualty Loss on home O All are From AGI Teaching Supplies O All are For
0 0
Add a comment Improve this question Transcribed image text
Answer #1

The for AGI deductions are the above-the-line deductions which are subtracted in order to arrive at the adjusted gross income (AGI) while the from AGI deductions are the itemized deductions subtracted from the AGI to arrive at the taxable income.

The deductions given may thus be classified as follows:

Casualty loss on home – From AGI

Teaching supplies – For AGI

Home mortgage interest – From AGI

Hobby losses – From AGI

Thus, the teaching supplies is the only for AGI deduction.

Answer: Teaching supplies

Add a comment
Know the answer?
Add Answer to:
Which one of the following is a for AGI deduction? O Casualty Loss on home O...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Which of the following, if any, is a deduction for AGI? a. State and local sales...

    Which of the following, if any, is a deduction for AGI? a. State and local sales taxes. b. Interest on home mortgage. c. Charitable contributions. d. Unreimbursed moving expenses of an employee (not in the military). e. None of these.

  • Tax Drill - Casualty Loss Deduction Belinda was involved in a boating accident in 2019. Her speedboat, which was used on...

    Tax Drill - Casualty Loss Deduction Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2019 is $37,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $. Is her loss currently deductible? Only to the extend the loss can...

  • Tax Drill - Casualty Loss Deduction Belinda was involved in a boating accident in 2019. Her...

    Tax Drill - Casualty Loss Deduction Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2019 is $37,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $. Is her loss currently deductible? Only to the extend the loss can...

  • Which of the following statements is false? Taxes paid by a husband on a home owned...

    Which of the following statements is false? Taxes paid by a husband on a home owned by his wife are not deductible by the husband on the husband's separate tax return. Special assessments paid to improve streets, sidewalks, and other like improvements are not deductible as real estate taxes even though they are assessed by a county or municipality for the public welfare. If a taxpayer's mortgage requires his real estate taxes to be "escrowed," or included in the taxpayer's...

  • 46. Which one of the following is a miscellaneous itemized deduction? A. Qualified mortgage insurance premium....

    46. Which one of the following is a miscellaneous itemized deduction? A. Qualified mortgage insurance premium. B. Casual gambling losses to the extent of gambling winnings. C. State income taxes. 47. Some or all of the interest incurred on a qualified education loan may be: A. Deductible in computing AGI. B. Deductible as a miscellaneous itemized deduction. C. Never deductible. 48. The Browns borrowed $30,000, secured by their home, to pay their son’s college tuition. At the time of the...

  • Amount of allowable depreciation deduction? Net income or loss from hobby? If this activity were a...

    Amount of allowable depreciation deduction? Net income or loss from hobby? If this activity were a business instead of a hobby, what would be the net income/ loss? Income $18,000 Interest and property taxes allocable to hobby $ 8,000 Depreciation $ 4,000 Supplies and fees $ 7,000 In order to calculate the net income from the hobby, the order of the deductions is: a. Supplies and fees, interest and taxes, depreciation Depreciation, interest and taxes, supplies and fees. Interest and...

  • In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000....

    In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $______________ b....

  • JUU UUU UI TULCI SL. 15. Interest Deduction. (Obj. 4) The Greenfields' 2019 AGI is $98,500,...

    JUU UUU UI TULCI SL. 15. Interest Deduction. (Obj. 4) The Greenfields' 2019 AGI is $98,500, which includes $620 of taxable interest income. They incurred the following interest expenses during the year. Credit card interest Automobile loan interest (on their older car) Mortgage interest on their main home prior to refinancing Mortgage interest on their main home after refinancing Points paid on main home refinancing ($190,000 3%) Mortgage interest on vacation home Investment interest expense on a loan to purchase...

  • Paula has the following income and losses. What is her AGI? Salary Long-term Capital Loss Business...

    Paula has the following income and losses. What is her AGI? Salary Long-term Capital Loss Business Loss Contribution to IRA QBI deduction 40,000 (6,000) (5,000) (3,000) (2,000) Select one: O a. $24,000 O b. $29,000 O c. $26,000 O d. $37,000

  • Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...

    Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT