Exam 5: Itemized Deductions

For 2014,Lydia had adjusted gross income of $40,000 and made the following charitable contributions: Cash contribution to her synagogue: $1,500 Tuition to a private school paid directly to her niece: $1,200 Contribution to the Red Cross: $350 Cash contribution to a man begging on a freeway off ramp: $150 What is the maximum amount that she can deduct as a charitable contribution for 2014?

In the past,high-income taxpayers' itemized deductions have been reduced by the lower of 3% of the excess of AGI over the applicable amount or 80% of the itemized deductions otherwise allowable for the tax year.For 2014,this limitation on the amount of itemized deductions for high-income taxpayers is back in effect.

What is qualified residence interest? Are there any limits to the deductibility of qualified residence interest?

For the current year,Sheila Jones had adjusted gross income of $100,000.During the year,she contributed $6,000 to her church and an additional $3,000 to qualified charities.She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church.The church intends to display the religious artwork in the church foyer.If Sheila chooses to itemize her deductions,what is the amount of her deductible charitable contribution?

Tyrell,who is 45,had adjusted gross income of $35,000 in 2014.During the year,he incurred and paid the following medical expenses: Drugs and medicines prescribed by doctors: $1570 Health insurance premiums: 825 Doctor and dentist fees: 1,850 Hearing aid: 275 Tyrell received $600 in 2014 as a reimbursement for a portion of the doctors' fees.If he were to itemize his deductions,what would be his allowable medical expense deduction after the adjusted gross income limitation is taken into account?

Personal property taxes paid on personal-use assets,such as the family car,are deductible on Schedule A.

Taxes deductible as an itemized deduction include all of the following except:

In 2014,Alan was required by his employer to use his car for work.His employer's mileage reimbursement was $0.25 per mile.If Alan's actual expenses are more than the reimbursement,he can deduct the excess amount on Schedule C

The standard business mileage rate for automobiles for all of 2014 is 56 cents per mile.

In order to deduct a charitable contribution,taxpayers must itemize on their return.

Moesha paid $60 for Girl Scout cookies and $50 for Cub Scout cracker jacks.Moesha may claim the full $110 as a charitable contribution deduction.

In 2014,the U.S.President declared a federal disaster due to the flooding in North Carolina.Dan lives in that area and lost his home in the flood.What choice does he have regarding when he can claim the loss on his tax return?

A taxpayer receives a deduction for services rendered to a charitable organization.

To qualify for a medical expense deduction as taxpayer's dependent,a person must be a dependent either at the time the medical services were provided or at the time the expenses were paid.A person generally qualifies as a dependent for purposes of the medical expense deduction if the person:

Maria is single and age 32.In 2014,she had AGI of $35,000.During the year,she incurred and paid the following medical costs: What is Maria's medical expense deduction (after application of the adjusted gross income limitation)for her 2014 tax return?

Which of the following expenses is deductible,but subject to the 2% limitation on Form 1040,Schedule A,Job Expenses and Most Other Miscellaneous Itemized Deductions?

What are four major categories of deductible taxes for individual returns?

Gloria resides in a state that imposes a tax on income.The following information relates to Gloria's state income tax situation for 2014: Taxes withheld in 2014 $4,300 Refund received in 2014 of 2013 tax 700 Assessment paid in 2014 of 2012 tax 950 Assuming she elects to deduct state and local income taxes,what amount should Gloria use to calculate itemized deductions for her 2014 federal income tax return?

Which of the following miscellaneous itemized deductions is not subject to the 2% of adjusted gross income limitation?

Which of the following may not be deducted either totally or partially as medical expenses? (Disregard any limitations which may apply.)