09/17/2022 Individuals - Deductions from AGI

Question 1

Expenses for your child that can be claimed even if is NOT your dependent for your tax return

Answer 1

Medical and Dental expenses incurred

Question 2

Deductions suspended by TCJA

Answer 2

Miscellaneous itemized deductions - unreimbursed employee travel expenses and meals

Question 3

Medical expense deductions cualify when expenses are paid or

Answer 3

Received the medical service

Question 4

Casualty and Theft losses limits

Answer 4

only the excess of $100 + 10% agi

Question 5

Casualty and Theft losses only if

Answer 5

Disaster declared by the president

Question 6

Medical expenses after exceeds

Answer 6

7.5% agi

Question 7

Organizaton subject to 50% deduction (charity)

Answer 7

Churches

Educational organizations with regular faculty, curriculum and enrolled student body attending clases on site

Hospitals and certaing medical org

Publicly supported charities

Question 8

charity - mileage rate for 2021

Answer 8

14 cents

Question 9

qbi theshold

Answer 9

164,900 or 329,800 joing return or 164,925 MFS

Question 10

Can deduct fro qbi the lesser of

Answer 10

20% qbi plus 20% REIT div and PTP income

20% taxable income minus net capital gains and qualified dividends treated as investment income

Question 11

In determining whether you are carrying on an activity for profit, several factors are taken into account. Among the factors to consider are whether:

Answer 11

You carry on the activity in a businesslike manner,
The time and effort you put into the activity indicate you intend to make it profitable,
You depend on the income for your livelihood,
Your losses are due to circumstances beyond your control (or are normal in the start-up phase of your type of business),
You change your methods of operation in an attempt to improve profitability,
You (or your advisors) have the knowledge needed to carry on the activity as a successful business,
You were successful in making a profit in similar activities in the past,
The activity makes a profit in some years, and
You can expect to make a future profit from the appreciation of the assets used in the activity.