R1 M5 Itemized Deductions Part II Flashcards
- Are Political Contribution deductible as charitable contributions
- If you donate (charitable donation ) to an individual does that count as charitable donation?
- Are contribution of service a charitable deduction?
- No.
- No.
- No.
During year 1, Jim spent the month of June at a drug-addiction treatment center in Dallas. The total payments were $5,000 for lodging at the center, $2000 for meals and $15000 for medical care and treatment. How much is qualifying medical expense?
$5000 + $2000+ $15000 = 22,000 Qualifying expense
Jim spent $10,000 during the year for an elevator in his house. Jim has a heart problem and the elevator was recommended by Jim’s cardiologist. The value of the home was $120,000 before the elevator and $125,000 after the elevator was installed. He paid $1,200 during the ear for operation and upkeep of the elevator? Amount of qualifying medical expense?
$10,000- (125,000-120,000) + 1,200 = $ 6,200
Bill makes $30,000. The amount of medical expense deduction on schedule A assuming $8,000 of total qualifying medical expenses
30,000 * 7.5% AGI = $2,250
8000 - 2,250 = $5,750
Yes/No
- Medical Insurance premium paid with after tax dollars.
- Disability Insurance Premium
- Vision correction surgery
- Mother’s medical expense paid by Miller during the year
- Yes
- No
- Yes
- Yes
- Carlin paid $2,500 in real property taxes on a vacation home, which was used exclusively for personal use.
Deductible in full on schedule A - Itemized deductions
Carlin paid $1,000 premium for a homeowner’s insurance policy. On tax payer’s principal residence
Not deductible in form 1040
While performing the legal service for the church, Carlin incurred $50 expense for software utilized in performing the services?
Itemized deduction subject to limitation of 60%
