Reg 2 Module 2

Question 1

What is the age can you can an addition to the standard deduction and how much?

Answer 1

65 and older

1,300 per person

Question 2

Interest on mortgages up to ____ to buy, build or substantially improve a home are fully deductible.

Answer 2

750,000

Question 3

Interest on home equity loans generally is no longer deductible unless the proceeds are used to___

Answer 3

Substantially improve the home

Question 4

An Individual’s losses on transactions entered into for personal purposes are deductible only it:

Answer 4

the losses qualify as casualty or theft losses. Casualty and theft losses are limited to nationally declared disaster areas.

Question 5

When does a taxpayer deduct up to 60% and 30% of AGI for charitable contributions

Answer 5

Use 60% when its held less than a year and a normal contribution, and you use Adjusted Basis.

Use 30% when held more than a year and you use the FMV.

Question 6

Charitable Contributions:
A qualified appraisal for real property donations is not required to be attached to the tax return unless the property value exceed____

Answer 6

5,000

Question 7

A contemporaneous written acknowledgment is required for donations of ____ or more.

Answer 7

250

Question 8

What is the max amount you can deduct for education loan interest

Answer 8

2500

Question 9

What is the phase out amount for education loan interest for single and married tax payers.

Answer 9

Single: 65,000-80,000
Married: 135,000 - 165,000