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REG MC Notes > Individual: Adjustments and Deductions to Arrive at Taxable Income > Flashcards

Individual: Adjustments and Deductions to Arrive at Taxable Income Flashcards

1
Q

What are the requirements to deduct an Ad Valorem tax?

A

Imposed annually & assessed in proportion to the value (such as Automobiles)

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2
Q

Casualty Loss Formula

A

Lower of AB or Decline in FMV (FMV Before - After)

  • $100 (Per casualty)
  • 10% AGI
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3
Q

What are the Home Equity Indebtedness limitations?

A
  1. May be used for any purpose except for tax-free securities/certificates
  2. Limited to lower of $100,000 for FMV of residence over qualified acquisition debt
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4
Q

What are Charitable Contributions limited to?

Can you deduct transportation to/from events?

A

Limited to basis if short term.
Long term: 30% of AGI
Agi limit: 50%
Yes.

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5
Q

How much prepaid interest can be deducted?

A

Only interest in current year allowed

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6
Q

Self Employment - What is deducted?

A

50% Self Employment Tax

100% health insurance Premiums

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REG MC Notes (3 decks)

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