Question

Question 15 of 75. Which of the following expenses are NOT allowed when calculating North Carolina itemized deductions? NC O

0 0
Add a comment Improve this question Transcribed image text
Answer #1

(A) Jennifer paid $ 649 in personal property tax

Not allowed when calculating North Carolina itemized deductions.

Explanation : The North Carolina itemized deductions includes only the followings :

1. Qualified mortgage interest and Real estate property tax. ( option number C)

2. Charitable contributions ( option number B)

3. Medical and dental expenses ( option number D)

4. Claim on right deduction.

Add a comment
Know the answer?
Add Answer to:
Question 15 of 75. Which of the following expenses are NOT allowed when calculating North Carolina...
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
  • Question 14 of 75. Which of the following situations involving an exchange of business property does...

    Question 14 of 75. Which of the following situations involving an exchange of business property does NOT exemplify a fully nontaxable exchange? David traded his delivery van with Marcia for a delivery van that had more space and less mileage. He also paid her $2,000 in cash Miranda traded a commercial building plus $50,000 for Patricia's commercial building Harold traded an improved lot for Oliver's rental house. Oliver paid the $2,000 expense incurred with the exchange. O Sarah traded a...

  • Assuming all other qualifications are met, which of the following Vermont residents may claim the credit,...

    Assuming all other qualifications are met, which of the following Vermont residents may claim the credit, rebate, or deduction as described? Rita (35) itemized on her federal tax return. She contributed $18,000 to her local church and has a Vermont tax liability of $312. She would like to claim the Vermont Charitable Contribution Credit in the amount of $900. Michaela (35) itemized on her federal tax return. She contributed $6,000 to her local Boys and Girls Club and has a...

  • 8. Ed is single with no dependents. He has receipts for the expenses listed below that...

    8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019? • $8,000 in unreimbursed medical expenses • 55,400 in state and local income taxes • $6,000 in real estate taxes • $400 in ad valorem personal property taxes • $4,300 in mortgage interest • $1,800 in interest from a home equity loan used to pay credit card debt...

  • Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...

    Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...

  • Question 15 of 75 Which of the following situations involving an exchange of business property does...

    Question 15 of 75 Which of the following situations involving an exchange of business property does NOT exemplify a fully nontaxable exchange? ODavid traded his delivery van with Marcia for a delivery van that had more space and less mileage. He also paid her $2,000 in cash. Miranda traded a commercial building plus $50,000 for Patricia's commercial building. Harold traded an improved lot for Oliver's rental house. Oliver paid the $2,000 expense incurred with the exchange. Sarah traded a fully...

  • Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...

    Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...

  • Graded assignment 5 Gerald and Patty Hanson are married taxpayer with the following income and expenses...

    Graded assignment 5 Gerald and Patty Hanson are married taxpayer with the following income and expenses for 2018: . Gerald's w-2 wages: $80,000 . Patty's w-2 wages: 40,000 . Patty's sole proprietorship (Patty is a noted sculptor) Sales$20,000 o Materials (8,000) Depreciation (1,000) Interest income on their investments $5,000 Dividend income 500 I ditional, Gerald and at in Prescription drugs (after insurance) $450 . Vitamins 100 . Medical insurance premiums 1,350 . Braces for their son (not covered by insurance)...

  • 3.1 The Andersons Tackle Their Tax Return (PLEASE SHOW ALL CALCULATIONS) Noah and Olivia Anderson are...

    3.1 The Andersons Tackle Their Tax Return (PLEASE SHOW ALL CALCULATIONS) Noah and Olivia Anderson are a married couple in their early 20s living in Dallas. Noah Anderson earned $73,000 in 2014 from his sales job. During the year, his employer withheld $9,172 for income tax purposes. In addition, the Andersons received interest of $350 on a joint savings account, $750 interest on tax-exempt municipal bonds, and dividends of $400 on common stocks. At the end of 2014, the Andersons...

  • #1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax...

    #1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax Return and pay any related outstanding balance. Your spouse operates a Sole Proprietorship Confectionary Store and you are an Accounts Payable Clerk at a local business. In addition, you have two children (aged 4 and 9). Your children do not have any sources of income. When must the 2017 Return be filed? When must the balance owing for the 2017 Return be paid? #2)...

  • False 1. Pete and Shirley are filing a joint return. They have two dependent children. The...

    False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...

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