Adjustments and Deductions from AGI: Deductions Flashcards
What are the substantiation requirements for donations to a charity of $250 or more?
Must receive a written record from the charity listing the name of the charity, amount of the contribution, and the date.
What are the substantiation requirements for donations to a charity of less than $250?
Written record is sufficient but not necessary. Can get by with bank statemenets
Does the cost of contact lenses qualify as eligible medical expenses?
Yes.
Do premiums on disability insurance qualify as eligible medical expenses?
No.
Do transportation costs for needed medical care qualify as eligible medical expenses?
Yes.
How much may be deducted for legal expenses and agency expenses related to adoption?
No deductions for adoption but there is a credit available
Deductibility of expenses for tuition, meals, and lodging at a residence primarily for medical care for a child when meals and lodging are necessary incidents to the medical care?
Yes, deductible.
Are employee death payments from a decedent’s employer excluded from income?
No, presumed to be compensation.
Are loan origination fees expensed or deducted over period of loan?
Deduced over loan period.
