Only medical expenses of thetaxpayer, if filing signal or to.
Only medical expenses of thetaxpayer, if filing signal or to the taxpayer and spouse if filling marriedfiling jointly are deducted: true or falseDeductible taxes include all ofthe following expect: a)property taxes assessed on real property based onvalue. B) taxes imposed by the federal government. C) state income taxes. D)Property taxes assessed on personal property based on valueA taxpayer filing married filingjointly home equity indebtedness cannot expect: 1,000,000 B) 1,100,000C)100,000D)50,000Taxpayers donating long-termcapital gain property to a qualified chartable organization receive acharitable deduction in the amount of the fair market value of the capital gainproperty on the date of the contribution. True or falseContribution of property can belong-term capital gain property or ordinary income property. Which of thefollowing is ordinary income property? A) stock held for two years. B) landheld for 15months. C) work of art created by the taxpayer held for four years.D)bonds held for 15 yearsAn antique vase is donated to aqualified charity by a taxpayer. The charity displayes the vase in its gallery.Because the charity chooses to display the vase rather than sell it for cashthe taxpayer is permitted to deduction the FMV of the vase up to 50% of hisAGI. True or falseWidening of doors and installingrailings in the house of a physically handicapped individual are deemed to be medical expenses. This expenditure is acapital expenditure for medical care it is not subject to the 7.5% of AGIfloor. True or falseInterest on debt incurred forpersonal purposes in general is not deductible. Which of the following types of interest will be deductibledespite the fact that they are personal in nature? A) interest on personal carloan B) the number of employees the taxpayer employs in caring on the activity.C) interest on acquisition indebtedness D) interest on consumer debtStudent loan interest is adeduction from AGI and is limited to 2,500. True or falseA cash contribution of: A)greater than $25 requires proper substantiation B) any amount requires proper substantiation C) greaterthan $250 requires proper substantiation D) greater than $500 requires proper substation.W9kPortfolio income includesdividends intrest annuities and royalties not derived in the ordinary course ofa trade or business.it does include gains and lossess on property that producesthese types of income if the desposition of the property does not. True orfalseTo calculate the net operatingloss(NOL) for individuals all of the following are added back to taxable incomeexcept: A) excess of business deductions over business income B) any NOLdeductions C) capital loss deduction D) the deduction for personal exemptionIf a loss deductible taxpayersmust reduce oridinary income. True or fals If the sale of personal use property generates a loss individualtaxpayers can: A) deduct the entire amount is deduction for agi. B) deduct thelesser of the loss or 3,000 C) deduct up to 3000 as a deduction for agi. D) not deduct the lossRental activities generally areconsidered passive activities however certain taxpayers whho reinvolved in real property trades or businesses are not subject to passiveactivity loss rules. True or falseWhich of the following is not onof the requirements related to loss on sec 1244stock? The stock must be in adomestic us corporation. B)the amount of money contributed to both capita; andpaid-in surpluse may not exceed 2milion at the corporation issue stock. C)stock must be owned by an individual; or a partnership D) stock must haveoriginally issued by the corporation to th individual or both partnership inwhich an individual is a partnerA passive activity is on wherethe taxpayer: a) participates in significant participation activities whichexceeds 100hrs. b works exclusively on the activity. C does not materiallyparticipate. D materially participates in the activity in three of thepreceding five years.Giving the choice taxpayers wouldprefer bad debts to be considered nonbusiness bad debts because nonbusiness badbebt will be an ordinary deduction that is a deduction for agi. True or falseA casualty loss is deductible ifit occurs in an identifiable event that is the following except: A) sudden B)unusual C) unexpected D) extraordinary