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Exam 6: Individual Deductions

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Question 21

Multiple Choice

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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 these qualifies as an itemized deduction.

F) B) and E)
G) B) and C)

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Question 22

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All reasonable moving expenses are deductible if the move is a minimum of 35 miles in distance.

A) True
B) False

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Question 23

Multiple Choice

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Which of the following costs are deductible as an itemized medical expense?

In 2013, taxpayers may elect to deduct state and local sales taxes instead of deducting state and local income taxes.

Which of the following is a true statement?

All investment expenses are itemized deductions.

Which of the following is a true statement?

This year Tiffanie files as a single taxpayer. Tiffanie received $62,700 of salary and paid $3,200 of qualified educational interest. This year Tiffanie has also paid deductible moving expenses of $2,200 and received $12,000 of alimony. What is Tiffanie's AGI?

Kaylee is a self-employed investment counselor who also owns a rental property. This year, she collected $85,000 in fees and paid the following expenses: $\begin{array} { l r } \text { Health insurance premiums (not through an exchange) } & \$ 4,200 \\\text { Life insurance premiums (whole life) } & 1,900 \\\text { Books on investing } & 200 \\\text { Repairs of the rental property } & 450 \\\text { Advertising for investment clients } & 1,770 \\\text { State income taxes } & 4,300 \\\text { Self employment tax (1/2 is employer share) } & 12,704\end{array}$ Kaylee files single with one personal exemption. Calculate her adjusted gross income.

Fred's employer dispatched him on a business trip from the Dallas headquarters to New York this year. During the trip Fred incurred the following expenses: $\begin{array} { l r } \text { Air fare } & \$ 1,300 \\\text { Lodging } & 750 \\\text { Meals } & 600 \\\text { Cab fare } & 220\end{array}$ What is the amount of Fred's deduction before the application of any AGI limitations?

The definition of qualifying expenses is more restrictive for the qualified educational expense deduction than it is for the education loan interest expense deduction.

To qualify as a charitable deduction the donation must be made by cash or by check.

Grace is a single medical student at State University, a qualified educational institution. This year Grace paid university tuition of $12,000. Grace works part-time at the University library, and this year she reports $15,000 of salary and no other items of income or expense. Which of the following is a true statement?

Which of the following itemized deductions is not subject to the itemized deduction phase-out?

This year Riley files single and reports AGI of $71,000. Riley paid $1,200 of interest on a qualified education loan. What amounts can Riley deduct for qualifying education interest?

Clark is a registered nurse and full time employee of the Hays Hospital. To maintain his nursing license Clark has incurred the following expenses: Nursing uniforms $\quad\quad\quad\quad\quad\quad\quad\quad\quad\$ 1,650$ Union dues $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad400$ Professional dues and license $\quad\quad\quad\quad\quad800$ Continuing education courses $\quad\quad\quad\quad\quad450$ Clark was reimbursed $1,250 of his expenses from his Hays Hospital accountable reimbursement plan. What amount can he include with his remaining itemized deductions if his AGI this year is $52,000?

Which of the following is a miscellaneous itemized deduction that is not subject to the 2 percent of AGI floor?

The deduction for investment interest in excess of the net investment income carries forward to the subsequent year.

Which of the following expenses can be deducted as moving expenses? 1. The cost of a trip to purchase a new residence 2) The cost of moving personal belongings 3) Lodging (one night) while en route 4) The cost of gasoline when traveling to the new residence 5) One-half of the cost of meals while en route to the new residence

Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: $\begin{array} { l r } \text { Auto insurance premiums } & \$ 1,700 \\\text { Room and board at Todd's school } & 2,200 \\\text { Health insurance premiums (not through an exchange) } & 600 \\\text { Travel (to and from school) } & 350\end{array}$ What amount can Ned include in his itemized deductions?