Homework Answers
The deduction claimed in respect of gambling losses cannot exceed the total winnings.
Hence there is threshold for deductibility in case of gambling losses.
Correct Option: Gambling Losses
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Which of the following is an other itemized deduction that is subject to a built in...
Which of the following is a deductible miscellaneous itemized deduction? gambling losses to the extent of...
Which of the following is a deductible miscellaneous itemized deduction? gambling losses to the extent of gambling winnings. fees for investment advice. employee business expenses. tax preparation fees. All of the choices are true.
Which of the following items would be an other itemized deduction on Schedule A of Form?...
Which of the following items would be an other itemized deduction on Schedule A of Form? Job-hunting costs. Professional dues to membership organizations. None of the above. Work uniforms that cannot be used for normal wear.
Tax Drill - Miscellaneous Itemized Deduction Amir, who files single, has AGI of $58,000 and incurred...
Tax Drill - Miscellaneous Itemized Deduction Amir, who files single, has AGI of $58,000 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $350 Home office expenses: $1,200 Unreimbursed employee expenses: $415 Gambling losses to the extent of gambling winnings: $890. Amir's total miscellaneous itemized deduction after any limitation is $ 1,000 .
explain please! 4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to...
explain please!
4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to the church: $5,000. Land to the university: $40,000 cost basis; $70,000 fair market value. The land had been held as an investment and was acquired 5 years ago. If the taxpayer's AGI is $120,000 and the reduced deduction election is not made, what is the maximum allowable charitable contribution deduction for the current year? a. $41,000 b. $45,000 c. $60,000 d. $75,000...
Thank you. Frieda is 67 years old and deaf. If Frieda files as a head of...
Thank you.
Frieda is 67 years old and deaf. If Frieda files as a head of household, what amount of standard deduction can she claim in 2020? Use Exhibit 6-12. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Multiple Choice $12,400 $14,050 $18,650 $19,950 O $20,300 EXHIBIT 6-12 Standard Deduction Amounts* Filing Status Married filing jointly Head of household Single Married filing separately 2019 Amounts Basic Standard Deduction Additional Standard Deduction for Age...
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...
Assume Samantha Jones had the following itemized deductions. Donations to church and other charities Medical and...
Assume Samantha Jones had the following itemized deductions. Donations to church and other charities Medical and dental expenses exceeding 10 percent of adjusted gross income State income tax Job-related expenses exceeding 2 percent of adjusted gross income $ 3.0se $ 1,810 $ 1,320 $ 2.115 Should she use the itemized deduction or the standard deduction? The standard deduction for her tax situation is $6,350. Standard deduction Itemized deduction
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks:...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
63.35/100 Total points werded Which of the following taxes will not qualify as an itemized deduction?...
63.35/100 Total points werded Which of the following taxes will not qualify as an itemized deduction? Multiple Choice Personal property taxes assessed on the value of specific property State, local and foreign income taxes. Real estate taxes on a residence. Gasoline taxes on personal travel None of the choices qualify as itemized deductions
Which of the following is a true statement? Multiple Choice O The standard deduction is increased...
Which of the following is a true statement? Multiple Choice O The standard deduction is increased for taxpayers who are blind or deaf at year-end. ( A married couple is only entitled to one addition to their standard deduction even if both spouses are both over age 65. Bunching itemized deductions is a legal method of tax avoidance. The standard deduction is subject to a phase-out based on AGI. о All of the choices are true.
explain please!
4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to the church: $5,000. Land to the university: $40,000 cost basis; $70,000 fair market value. The land had been held as an investment and was acquired 5 years ago. If the taxpayer's AGI is $120,000 and the reduced deduction election is not made, what is the maximum allowable charitable contribution deduction for the current year? a. $41,000 b. $45,000 c. $60,000 d. $75,000...
Thank you.
Frieda is 67 years old and deaf. If Frieda files as a head of household, what amount of standard deduction can she claim in 2020? Use Exhibit 6-12. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Multiple Choice $12,400 $14,050 $18,650 $19,950 O $20,300 EXHIBIT 6-12 Standard Deduction Amounts* Filing Status Married filing jointly Head of household Single Married filing separately 2019 Amounts Basic Standard Deduction Additional Standard Deduction for Age...
Assume Samantha Jones had the following itemized deductions. Donations to church and other charities Medical and dental expenses exceeding 10 percent of adjusted gross income State income tax Job-related expenses exceeding 2 percent of adjusted gross income $ 3.0se $ 1,810 $ 1,320 $ 2.115 Should she use the itemized deduction or the standard deduction? The standard deduction for her tax situation is $6,350. Standard deduction Itemized deduction
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
63.35/100 Total points werded Which of the following taxes will not qualify as an itemized deduction? Multiple Choice Personal property taxes assessed on the value of specific property State, local and foreign income taxes. Real estate taxes on a residence. Gasoline taxes on personal travel None of the choices qualify as itemized deductions
Which of the following is a true statement? Multiple Choice O The standard deduction is increased for taxpayers who are blind or deaf at year-end. ( A married couple is only entitled to one addition to their standard deduction even if both spouses are both over age 65. Bunching itemized deductions is a legal method of tax avoidance. The standard deduction is subject to a phase-out based on AGI. о All of the choices are true.
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