REG 2 - Module 2

Question 1

Nondeductible taxes

Answer 1

FIB

Federal (including social security)
Inheritance taxes for states
Business (on schedule C) and rental property taxes (on schedule E)

Question 2

Interest expense

Answer 2

HIPPE

Home mortgage interest
Investment interest expense
Personal (consumer) interest is NOT deductible
Prepaid interest (allocate to proper period)
Educational loan interest (adjustment, NOT itemized deduction)

Question 3

Itemized deductions

Answer 3

Medical expenses 
State, local, and foreign taxes
Interest expense (not personal or educational)
Charity
Casualty and theft losses
Gambling losses (only up to winnings)