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Exam 5: Itemized Deductions

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Question 31

True/False

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A taxpayer generally has the option of deducting foreign taxes paid on Schedule A or taking a foreign tax credit.

A) True
B) False

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Question 32

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Which of the deductions listed below is subject to the phase-out of the total dollar amount of certain itemized deductions that may be claimed by high-income individuals?

A) Charitable contributions.
B) Investment interest expense.
C) Medical costs.
D) Personal casualty losses.

E) A) and D)
F) C) and D)

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Question 33

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If the donation is greater than $250,what kind of written acknowledgment must the taxpayer obtain from the recipient organization?

Which of the following is deductible as a miscellaneous itemized deduction?

In 2017,federal income taxes may not be deducted as an itemized deduction on Schedule A.

Itemized deductions are first reported on:

Which of the following items would be an itemized deduction on Schedule A of Form 1040 subject to the 2% of AGI floor?

When performing services for a charitable organization,is any charitable deduction allowed? If so,explain.

For 2017,Miram,a single mother,reported the following amounts relating to her investments: $\begin{array}{lr}\text {Net investment income from interest }&\$7,000\\\text { Interest expense on a loan to purchase stocks}&2,000\\\text {Interest expense on funds borrowed in 2016 to purchase land for investment \ }&6,000\\\end{array}$ What is the maximum amount that Miriam can deduct in 2017 as investment interest expense?

The cost of a chiropractor's services does not qualify as a medical deduction.

What is the maximum amount of home equity indebtedness on which interest is fully deductible?

Which of the following organizations generally qualify for deductible charitable contributions?

For 2017,the investment interest expense deduction is limited to the taxpayer's gross investment income.

Explain the tax treatment regarding the limitation of itemized deductions for high-income taxpayers.

Personal casualty losses resulting from termite damage are deductible.

For 2017,medical expenses in excess of 7.5 percent of adjusted gross income are deductible.

Rick and Claudia live in an apartment and have purchased land where they plan to build their home.They have a mortgage on the lot and have received a Form 1098 from the lender showing the interest paid on the note.Interest paid on this loan is deductible as home mortgage interest on their Schedule A.

Sonia's car was completely destroyed in an accident that was her fault.Her loss was $8,500 and her insurance company reimbursed her $6,500.What amount of casualty loss can Sonia claim on her return (before deduction limitations) ?

Some charitable contributions are limited to 50% of the taxpayer's AGI,others may be limited to a lower % of AGI.Deductions to which of the following organizations are subject to the 50% limitation on deductible contributions?

For 2017,high-income taxpayers do not have to forfeit part of their itemized deductions.