Reg 2 Module 2 Flashcards
Itemized deduction
What is the age can you can an addition to the standard deduction and how much?
65 and older
1,300 per person
Interest on mortgages up to ____ to buy, build or substantially improve a home are fully deductible.
750,000
Interest on home equity loans generally is no longer deductible unless the proceeds are used to___
Substantially improve the home
An Individual’s losses on transactions entered into for personal purposes are deductible only it:
the losses qualify as casualty or theft losses. Casualty and theft losses are limited to nationally declared disaster areas.
When does a taxpayer deduct up to 60% and 30% of AGI for charitable contributions
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.
Charitable Contributions:
A qualified appraisal for real property donations is not required to be attached to the tax return unless the property value exceed____
5,000
A contemporaneous written acknowledgment is required for donations of ____ or more.
250
What is the max amount you can deduct for education loan interest
2500
What is the phase out amount for education loan interest for single and married tax payers.
Single: 65,000-80,000
Married: 135,000 - 165,000