R2 Flashcards
0
Q
Charitable contributions are carryforward/back:
A
5 years
1
Q
Qualified mortgage interest paid is:
A
An itemized deduction
2
Q
Charity - they may deduct the ___ of property
A
FMV - 30% of AGI limitation
3
Q
Interest on a qualified education loan is treated as a what
A
Deduction to arrive at AGI
4
Q
A tax preparer should only recommend a tax return position if the tax repair has a:
A
Good faith belief that the position has a realistic possibility of being sustained. The taxpayer may still take the position if the position is adequately disclosed on the tax return and it’s not frivolous
5
Q
Unreimbursed employee business expenses are:
A
Itemize deductions subtracted from AGI
