8. During 2022 Yoko paid the following expenses:

Prescription medicines $ 525

Doctors and dentists 1,050

Vitamins and ibuprofen 295

Health club membership fee 550

What is the total amount of medical expenses (before application of the adjusted gross income limitation) that would enter into the calculation of itemized deductions on Yoko's 2022 income tax return?

Multiple Choice

$525.

$1,325.

$1,500.

$1,575.

9. Which of the following costs are deductible on Form 1040, Schedule A, as taxes?

1. Real estate taxes on property owned in Mexico.

2. Property tax portion of vehicle registration, based on the value of the auto.

3. Fine for speeding.

4. Personal property tax on a pleasure boat.

Multiple Choice

1, 2, and 4.

3 and 4.

None of the items are deductible.

All of the items are deductible.

10. Which of the following interest expenses incurred by Trent is/are treated as personal interest expense and, therefore, not deductible as an itemized deduction?

Multiple Choice

Interest expense on personal credit cards.

Bonds purchased with accrued interest.

Interest on a home mortgage acquired in 2014.

Interest expense incurred by a partnership in which Trent is a limited partner.

14. Which of the following is not a "trade or business" expense? Multiple Choice

Mortgage interest on a warehouse.

Depreciation on business equipment.

Mortgage interest on a personal residence.

Cost of goods sold.

16. Rental income is generally reported on Schedule C.

True or False

17. Residential rental properties are depreciated using the straight-line method over 27 years.

True or False

18. Which of the following is not considered an ordinary expense for a rental activity?

Multiple Choice

Property taxes

Advertising

Insurance

All of these are deductible as ordinary expense

19. Jane and Don own a ski chalet in Lake Tahoe, NV and rented it for 12 days for $8,000. The rest of the year, the chalet was used by them and their friends and family. What is the proper tax treatment of the $8,000?

Multiple Choice

None of the rental income is included in gross income

The amount should be reported as other income on Form 1040

The amount should be reported on Schedule C

Should be reported on Schedule E

20. Royalties can be earned from allowing others the right to use: Multiple Choice

Trademarks

Books

Plays

All of these