which of the following is not an itemized deduction course hero

by Gladyce Moen Published 2 years ago Updated 1 year ago 8 min read

What are Barney’s total itemized deductions?

Jun 25, 2016 · Which of the following is not an itemized deduction on Schedule A ? Question 9 1 . A deduction for self employment tax is allowed. Question 10 1 . Adjusted gross income is calculated. ... Course Hero is not sponsored or endorsed by any college or university. ...

Are personal casualty losses an itemized deduction?

Which of the following taxes will not qualify as an itemized deduction? A. Personal property taxes assessed on the value of specific property. B. State, local, and foreign income taxes. C. Real estate taxes on a residence. D. Gasoline taxes on personal travel. E. None of the choices qualify as an itemized deduction.

Are my points tax deductible?

Feb 14, 2017 · Which of the following taxes are not deductible as an itemized deduction: d. Federal income taxes. a.Property tax on land held for investment b.State income taxes c.Auto registration fee based on the value of the auto d.Federal income taxes.

What page is the travel deduction on a 1040 Form?

9-Which of the following taxes is not deductible as an itemized deduction? Property taxes paid to the local government based on the value of an automobile. Real estate taxes paid on a principal residence to the state government. Fees paid to the local government for sidewalks to be installed in one's neighborhood. State income taxes paid.

What are not itemized deductions?

If you choose the standard deduction, you will not be able to claim itemized deductions. These cover many key areas, such as medical costs, charitable donations, state taxes, and various expenses related to owning a home. However, most people take the standard deduction.Oct 18, 2021

What are 3 examples of an itemized deduction?

Types of itemized deductions

Mortgage interest you pay on up to two homes.
Your state and local income or sales taxes.
Property taxes.
Medical and dental expenses that exceed 7.5% of your adjusted gross income.
Charitable donations.

Oct 16, 2021

What are itemized deductions quizlet?

Itemized deductions are subtractions from a taxpayer's Adjusted Gross Income (AGI) that reduce the amount of income that is taxed. Most taxpayers have a choice of taking a standard deduction or itemizing deductions. Taxpayers should use the type of deduction that results in the lowest tax.

What are the categories for itemized deductions?

Generally, you can claim itemized deductions in the following categories:

Medical and dental expenses.
State and local income taxes.
Real estate and personal property taxes.
Home mortgage interest of $750,000 or less.
Gifts to charity.
Casualty or theft losses1.

What is an itemized list example?

To itemize is to make a list. If you work at a store that sells pet fish, you might need to itemize your stock of fish — separately listing the number of goldfish, cuttlefish, and jellyfish. When you place items, or individual things, on a list, you itemize them.

What is standard deduction vs itemized?

The difference between the standard deduction and itemized deduction comes down to simple math. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most.

What are deductions quizlet?

deduction for all ordinary or necessary expenses paid or incurred in carrying on a trade or business including: - reasonable salaries. - expenses for use of bus prop. - 1/2 of self employment taxes paid.

What is a tax deduction quizlet?

Tax deduction. An expense you can subtract from your adjusted gross income to arrive at your taxable income.

When should you itemize instead of claiming the standard deduction quizlet?

When should you itemize instead of claiming the standard deduction? You should itemize when the total dollar amount of your itemized deductions is greater than the standard deduction. List three itemized deductions you could claim now or in the near future.

Which of the following types of interest is never deductible on Schedule A itemized deductions?

Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.Jan 20, 2022

Which of the following taxes are deductible on Schedule A as an itemized deduction?

State, local, foreign income tax, and real estate taxes are all deductible on Schedule A. Answer 3: B, C, and D. Taxpayers cannot deduct a tax they did not owe, did not pay, or that they paid during another year.

Which of the following tax payments is allowed as an itemized income tax deduction?

2. Taxes You Paid. Deductions for state and local sales tax (SALT), income, and property taxes can be itemized on Schedule A. The total amount you are claiming for state and local sales, income, and property taxes cannot exceed $10,000.

How much is the deduction for education loan interest?

The deduction for education loan interest is a maximum of $2,500 and for a single person is phased out between AGI of $65,000 to $80,000. Dr. Doolittle's deduction is calculated as follows: ($80,000 - $70,000)/$15,000 x $2,500 = $1,667. The deduction is taken on Page 1 of the Form 1040 as a deduction for AGI.

What is the 2 percent of AGI?

The items subject to the 2 percent of AGI limitation are union dues, job-hunting expense, and safe deposit box for a total of $500. The 2 percent of AGI limitation is $600, so none of the above items are deductible.

What percentage of AGI is personal casualty?

Personal casualty losses are only allowed as itemized deductions if they exceed 20 percent of the taxpayer's AGI.

Is insulin deductible in California?

Robert may deduct the cost of insulin and insulin supplies and the cost of the prescription medications obtained in California ($1,200 + $560 = $1,760). The medicines obtained in Mexico and the over-the-counter medicines are not deductible. While the medical use of marijuana is legal in California, the cost is not deductible as a medical expense.

Is Medicare tax deductible?

Federal income tax and Social Security and Medicare taxes are not deductible on the federal return. Their state income tax of $4,000 is higher than their sales tax of $1,875 (relevant only if the sales tax deduction is extended in 2015), so they would elect to deduct state income tax. Their deductible taxes are:

Is a point deductible in the current year?

The points are fully deductible in the current year.

Can a charity claim an estimated value for an auto?

She can claim an estimated value for the auto if the charity uses it rather than selling it .