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W8k

Only medical expenses of the taxpayer, if filing signal or to the taxpayer and spouse if filling married filing jointly are deducted: true or false

Deductible taxes include all of the following expect: a)property taxes assessed on real property based on value. B) taxes imposed by the federal government. C) state income taxes. D) Property taxes assessed on personal property based on value

A taxpayer filing married filing jointly home equity indebtedness cannot expect: 1,000,000 B) 1,100,000C) 100,000D)50,000

Taxpayers donating long-term capital gain property to a qualified chartable organization receive a charitable deduction in the amount of the fair market value of the capital gain property on the date of the contribution. True or false

Contribution of property can be long-term capital gain property or ordinary income property. Which of the following is ordinary income property? A) stock held for two years. B) land held for 15months. C) work of art created by the taxpayer held for four years. D)bonds held for 15 years

An antique vase is donated to a qualified 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 cash the taxpayer is permitted to deduction the FMV of the vase up to 50% of his AGI. True or false

Widening of doors and installing railings in the house of a physically handicapped individual are deemed to be medical expenses. This expenditure is a capital expenditure for medical care it is not subject to the 7.5% of AGI floor. True or false

Interest on debt incurred for personal purposes in general is not deductible. Which of the following types of interest will be deductible despite the fact that they are personal in nature? A) interest on personal car loan B) the number of employees the taxpayer employs in caring on the activity. C) interest on acquisition indebtedness D) interest on consumer debt

Student loan interest is a deduction from AGI and is limited to 2,500. True or false

A cash contribution of: A) greater than $25 requires proper substantiation B) any amount requires proper substantiation C) greater than $250 requires proper substantiation D) greater than $500 requires proper substation.

W9k

Portfolio income includes dividends intrest annuities and royalties not derived in the ordinary course of a trade or business.it does include gains and lossess on property that produces these types of income if the desposition of the property does not. True or false

To calculate the net operating loss(NOL) for individuals all of the following are added back to taxable income except: A) excess of business deductions over business income B) any NOL deductions C) capital loss deduction D) the deduction for personal exemption

If a loss deductible taxpayers must reduce oridinary income. True or fals

If the sale of personal use property generates a loss individual taxpayers can: A) deduct the entire amount is deduction for agi. B) deduct the lesser of the loss or 3,000 C) deduct up to 3000 as a deduction for agi. D) not deduct the loss

Rental activities generally are considered passive activities however certain taxpayers whho re involved in real property trades or businesses are not subject to passive activity loss rules. True or false

Which of the following is not on of the requirements related to loss on sec 1244stock? The stock must be in a domestic us corporation. B)the amount of money contributed to both capita; and paid-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 have originally issued by the corporation to th individual or both partnership in which an individual is a partner

A passive activity is on where the taxpayer: a) participates in significant participation activities which exceeds 100hrs. b works exclusively on the activity. C does not materially participate. D materially participates in the activity in three of the preceding five years.

Giving the choice taxpayers would prefer bad debts to be considered nonbusiness bad debts because nonbusiness bad bebt will be an ordinary deduction that is a deduction for agi. True or false

A casualty loss is deductible if it occurs in an identifiable event that is the following except: A) sudden B) unusual C) unexpected D) extraordinary