For a 21-year-old child to be considered a dependent in 2018:

Select one:

a. The childs income must be less than $4,150

b. The child must be a full-time student for at least 5 months during the year

c. The child must be a full-time student the entire year

d. Either the childs income must be less than $4,150 or the child must be a full-time student for at least 5 months during the year

Colin (age 40) is single, itemizes his deductions, and has AGI of $100,000. Colin provided the following information about his cash expenditures for 2018: Interest on American Express card 1,200 Points to refinance his home for 10 years at the end of December 2,600 Mortgage interest payments on $250,000 principal amount 11,800 Real estate taxes 2,100 State income taxes withheld on salary 5,400 Additional state income tax estimated payment 1,200 Contribution to Republican Party 2,000 Contribution to United Way 500 If Colin itemizes, what are his total itemized deductions in 2018:

Select one:

a. $27,000

b. $21,000

c. $18,100

d. $24,200

Which of the following expenditures is not subject to some form of limitation on its deductibility based on AGI?

Select one:

a. IRA contribution

b. Contribution to a university endowment fund

c. Property taxes

d. Surgery to replace a hip joint

Colin (age 40) is single and itemizes his deductions. His AGI is $100,000. Colin provided the following information about his cash expenditures for 2018:

• Interest on loan to purchase corporate securities: $ 900
• Interest on American Express card: $ 1,200
• Points to refinance his home at the end of December: $ 2,600
• Mortgage interest payments: $ 11,800
• Real estate taxes: $ 2,100
• State income taxes withheld on salary: $ 5,400
• Additional state income tax estimated payment: $ 1,200
• Contribution to Republican Party: $ 2,000
• Contribution to United Way: $ 500

How much are Colin's deductible contributions?

Select one:

a. $500

b. $1,500

c. $2,500

d. $1,000

Sean bought a home in 2010 for $625,000 financing $550,000 of the purchase price with a 30 year mortgage. In 2018 when his existing mortgage balance was $520,000, he took out a home equity loan for $150,000. He used the proceeds to pay off credit card debt of $40,000 and purchase a car for $85,000; the balance he used to buy an engagement ring for his girlfriend. In 2018 he paid $30,000 interest on the mortgage and paid interest only of $6,600 on the home equity loan. What is his deduction for qualified residential interest for 2018?

Select one:

a. $36,600

b. $34,400

c. $30,000

d. $6,600