Question

question 49 of 75 est on home equity debt is fully deductible as long as the debt is used to_ O Pay for personal living expenses O To pay off credit card debts To buy, build or substantially improve a main home or second home. O To purchase a new vehicle. □Mark for follow up Question 50 of 75. Written substantiation is required for all contributions to qualified charitable organizations when the am O $50 or more. O $100 or more. 2 $250 or more. O$500 or more. Mark for follow up Question 51 of 75 The deduction for gambling losses is limited to The amount of gambling winnings. The amount of gambling winnings, and further subject to a 2%-of-AGI threshold. O The amount reported on Form W-2G. O There is no limit on deductible gambling losses. Mark for follow up Question 52 of 75. When married spouses choose to use the married filing separately filing status and one standard deduction of the other spouse is $O O $12,000 O$18,000 $24,000 Mark for follow up

Answer 1

49. The the interest on home equity debt is fully deductible as long as the debt is used for buying or building or substantially improve a main home or second home.

Explanation :- the interest is deductible when the debt is used for the purpose that was borrowed.

Here the debt is home equity debt it's purpose is to use this amount for buying or construction or renovation of houses. So if the purpose of fulfilled the deduction is allowed.

All the other options the having the different purpose so in that cases the deduction is not allowed.

50. as per law and IRS the written substantial are required when the donation is $250 or more. And also if donor enjoys any benefit for more than $75 has to get written substantial from charitable trust for example a charitable organization providing meals for $10 but donor gave $85 then he donated $75 to charity in that case also donor had to get the written substantial.

51.the deduction for gambling losses is limited till the extent of gambling winnings .

Gambling is not a regular course of occupation. So it's loss cannot be effect other regular incomes so these losses are limited to the extent of their gambling winnings only.

51. When married spouse chooses to use the married filing separately filing status and one should have standard deduction the other spouse is $0

Explanation:- as said in the question the married spouse are filing there return seperate so then both of them have there individual deductions so thee is no chance to get deduction for other person in the filings.

These are all the points regarding the above questions.

I hope, all the above mentioned points are helpful to you.

Thank you.