Misc itemized deductions Flashcards
1
Q
67 itemized deductions only to extend agg exceeds
A
AGI
2
Q
Creates a ____ threshold
A
2%
3
Q
hypo: expenses were 3k, 100k AGI, RATE 2%
A
100KX2%=2K, 3K-2K=1K ALLOWED
4
Q
what defines deductions
A
67b
5
Q
if listed in 67 b
A
it is not a misc deduction. i
6
Q
if notlisted in 67b
A
it is a misc itemized deduction
7
Q
what is a misc itemized deduction
A
investment expenses other than investment interests such as paying for investment advise.
8
Q
163 allows for
A
investment expenses
9
Q
68 overall limit on
A
deductions you can take.
