Reg 2 Module 2 Flashcards

Itemized deduction

1
Q

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

A

65 and older

1,300 per person

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2
Q

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

A

750,000

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3
Q

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

A

Substantially improve the home

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4
Q

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

A

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

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5
Q

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

A

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.

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6
Q

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

A

5,000

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7
Q

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

A

250

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8
Q

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

A

2500

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9
Q

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

A

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

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