Expenses related to the maintenance of a vacation home, which qualifies as the taxpayers residence, are fully deductible; an allocation of expenses is not required under Section 280A.

True

False

Gross income includes illegal income; therefore, expenditures related to the production of that income is a deductible expenditure.

True

False

Deductions for AGI include all of the following except:

A. Itemized deductions.

B. Deductions on Schedule E.

C. Deductions on Schedule C.

D. Deductions on Schedule F.

Which of the following is not a deduction for AGI?

A. Mortgage interest.

B. Student loan interest.

C. Alimony.

D. 50% of self-employment tax imposed on self-employed individuals.