Itemized Deductions Flashcards
0
Q
Medical exp that exceed what percentage of AGI cb deducted
TP > 65 can deduct
A
10%
7.5%
1
Q
Itemized deductions r
A
Medical Taxes Contributions Interest Casualty losses Misc deductions
2
Q
What taxes cb deducted
A
State & local inc taxes
Personal prop taxes
Real prop taxes
3
Q
What misc itemized deduction cb used to obtain a job or cost of getting a new job on the same career field
A
Employment fees
4
Q
What misc itemize deduction cb used if maintaining & improving skills for current job
A
Educational exp
5
Q
What r other misc itemized deductions
A
Uniforms Business gifts Business use of home Safe deposit box, investment advice Subscription to professional journal Tax prep fees Hobbies
6
Q
Which misc itemized deduction is not subject to 2% AGI test
A
Gambling losses
