Page 1 Question 1 (100 points) Please match the terms with their explanation. It is recommended that you refer to Chapter 5 in the textbook as you complete this. If you aren't happy with your score, you can redo the question, because you have unlimited attempts. deductible to the extent winning are reported on Schedule of Form 1040, line 21 deductible if they are levied on personal property, based on the value of the property, and imposed at least anual $100 per casualty and 10 of AI ODO deductible as a medical expensei the principal reason for individual's stay is medical care as opposed to njoyment or convenience 1. Schedule deduction for all state and local taxes, including personal property tax, real estate tax state come 2 medical expenses 3 deductible costs of sedicine and 4 can be deducted, but most payer ler to take a credit for quaedam carnice 5 lability more 6 20, not available after Sept 27 Est. Length700.00 Licha Thomas Antert 1 Page 1 1. 2 3. 4. can be destrument terpers prefer to take of them because he credit reduces listymere 5. persoorty 6. deductible attributable to a Federally Declared Distrarea 7 deduction med to $10.00 deducted tably over thee of the loan 8 reports to deductions 9. 10 mortgage mere ODOD OD limited to God All in the current year, but can be carried forward for the next year 11. marche deducebe if the amount of insurance proceeds exceeds of 12 mentinere 13 charitate cobbon bare must be prescribed by doctor loaned and proved by 14 that contar Page 1: 10. mortgage interest limited to 60% of AG in the current year, but can be carried forward for the next 5 years 1 11. mortgage points paid for refinancing 12. investment interest deductible if the amount net of insurance proceeds exceeds 7.5of AGI 13. charitable contributions to public Charities must be prescribed by doctor, legally obtained and approved by FOA 14. charitable contribution of long term tangible capital gain property that is contributed to public charity and the property is put to deducted up to the amount of investment income included in table income 15 charitable contribution of capital en property to a private foundation 16. casualty and the lonel deductible incurred for action indebtedness up to $750,000 home equity in the tured by desde limited to 20 of Anthe 18.glosses 1 2 5 9 10.- 12 Page 1: Puy Me PIUTAT related use by the charity 1 deducted up to the amount of investment income included in taxable income 15. charitable contribution of capital to a private foundation 16. casualty and theft loss losses deductible if incurred for acquisition indebtedness up to $750,000 or for home equity loan, if they are secured by a qualified residence 17. limitation on personal casualty lo 18. gambling losses limited to 20% of Al in the current year, but can be carried forward for the next years can't be taken if state income taxis being deducted deducted or Schedule a faidon personal use realestate limited to 20% of All in the current year, but can be carried forward for the next 5 year Page 1 Question 1 (100 points) Please match the terms with their explanation. It is recommended that you refer to Chapter 5 in the textbook as you complete this. If you aren't happy with your score, you can redo the question, because you have unlimited attempts. deductible to the extent winning are reported on Schedule of Form 1040, line 21 deductible if they are levied on personal property, based on the value of the property, and imposed at least anual $100 per casualty and 10 of AI ODO deductible as a medical expensei the principal reason for individual's stay is medical care as opposed to njoyment or convenience 1. Schedule deduction for all state and local taxes, including personal property tax, real estate tax state come 2 medical expenses 3 deductible costs of sedicine and 4 can be deducted, but most payer ler to take a credit for quaedam carnice 5 lability more 6 20, not available after Sept 27 Est. Length700.00 Licha Thomas Antert 1 Page 1 1. 2 3. 4. can be destrument terpers prefer to take of them because he credit reduces listymere 5. persoorty 6. deductible attributable to a Federally Declared Distrarea 7 deduction med to $10.00 deducted tably over thee of the loan 8 reports to deductions 9. 10 mortgage mere ODOD OD limited to God All in the current year, but can be carried forward for the next year 11. marche deducebe if the amount of insurance proceeds exceeds of 12 mentinere 13 charitate cobbon bare must be prescribed by doctor loaned and proved by 14 that contar Page 1: 10. mortgage interest limited to 60% of AG in the current year, but can be carried forward for the next 5 years 1 11. mortgage points paid for refinancing 12. investment interest deductible if the amount net of insurance proceeds exceeds 7.5of AGI 13. charitable contributions to public Charities must be prescribed by doctor, legally obtained and approved by FOA 14. charitable contribution of long term tangible capital gain property that is contributed to public charity and the property is put to deducted up to the amount of investment income included in table income 15 charitable contribution of capital en property to a private foundation 16. casualty and the lonel deductible incurred for action indebtedness up to $750,000 home equity in the tured by desde limited to 20 of Anthe 18.glosses 1 2 5 9 10.- 12 Page 1: Puy Me PIUTAT related use by the charity 1 deducted up to the amount of investment income included in taxable income 15. charitable contribution of capital to a private foundation 16. casualty and theft loss losses deductible if incurred for acquisition indebtedness up to $750,000 or for home equity loan, if they are secured by a qualified residence 17. limitation on personal casualty lo 18. gambling losses limited to 20% of Al in the current year, but can be carried forward for the next years can't be taken if state income taxis being deducted deducted or Schedule a faidon personal use realestate limited to 20% of All in the current year, but can be carried forward for the next 5 year