Adjustments and Itemized(M4/5)

Question 1

How many years may the individual deduct a portion of the student loan interest?

Answer 1

Duration of time that interest is paid.

Question 2

Taxable investment income includes:

Answer 2

(i) interest and dividends (if taxed at ordinary income tax rates),
(ii) rents (if the activity is not a passive activity),
(iii) royalties (in excess of related expenses),
(iv) net short-term capital gains, and
(v) net long-term capital gains if the taxpayer elects not to claim the net capital gains reduced tax rate.

Question 3

threshold for appreciated long term captial property gains

Answer 3

30% AGI

Question 4

Can charitable contributions subject to the 60 percent limit that are not fully deductible in the year made be carried forward or backward?

Answer 4

forward 5 years

Question 5

are services a deductible charitble contribution

Answer 5

No