The AGI limitation for a donation of capital gain property to a private foundation
What is 20%
100
Can be deducted only for items paid and be above 10% of AGI.
(Unless born before January 2 1952 it is 7.5%)
What are medical and dental expenses?
100
State and Local Taxes
Personal Property Taxes
Real Estate property taxes
Foreign taxes
What are deductible Schedule A taxes.
100
What amount must you deduct from each casualty or theft loss.
What is $100.
100
30% limitation of AGI relates to what type of charitable organization?
What are veterans organizations, fratenal orders and cemetery companies.
200
The AGI limitation to a public charity
What is 50%
200
Medicines that are obtained from outside the US are deductible only under these two rules:
What is they are FDA approved and can be legally imported.
200
This tax can be deducted as an itemized deduction OR used as a credit against taxes owed
What are Foreign Taxes.
200
The generally accepted definition of casualty.
What is an identifiable event of a sudden, unexpected or unusual nature.
200
The form that must be completed for non cash charitable contributions for over $500.
What is Form 8283
300
The number of years that a charitable deduction can be carried forward.
What is 5 years?
300
Surgery that is not allowed for medical deduction unless it is necessary to correct a deformity
What is cosmetic surgery.
300
Canceled check
receipt from the county or tax collector
1098 Mortgage Statement showing escrowed taxes paid
What are acceptable source documents for Real estate taxes paid
300
Amount that must be deducted from each Personal Casualty loss.
What is $100
300
The name of the form used for itemized deductions?
What is Schedule A?
400
A person donates long term capital gain property to a charity that does not use it for a related use. What is the value that must be attached to that property.
What is the adjusted basis of the property limited to 50% of AGI.
5-22
400
Your Doctor determines you are Vitamin D deficient and recommends you take Vitamin D as a supplement. True or False that this is deductible.
What is False - not if for general well being.
400
Taxpayers can elect to deduct State and local general sales tax can only when
They not taking an income tax deduction.
400
The % of AGI that a casualty loss must exceed?
What is 10%
400
What amount do miscellaneous deduction have to exceed AGI?
What is 2%
500
An organization must provide a written acknowledgment for a charitable donation over what amount?
What is $250
500
Your condition requires a hot tub for muscle pain relief.
The cost of the Hot Tub is 3,000 and increases your home value by $2500. How much of the Hot Tub is deductible?
What is $500.
500
If a taxpayer receives a tax benefit from an income tax deduction in the year the tax is paid, they must include any refund received in the future year as income . This is called the:
What is the tax benefit rule.
500
True or false. If there is insurance on a property that has a casualty loss, and you don't make an insurance claim - you cannot take a Casualty loss deduction.
What is true.
500
What items are not subject to the 3%/80% rule?
There are four.
What is medical expenses, investment interest, casualty or theft or gambling losses.