QUESTION 41

1. 41.-45. George is single and age 56, has AGI of $265,000, and incurs the following expenditures in this year.

   Medical expenses (before 7.5% floor)	$27,000
   Interest on home mortgage	15,500
   State income tax	7,500
   State sales tax	4,500
   Real estate tax	8,600
   Charitable contribution	6,500

   41. What is the amount of Georges medical deduction?

   	a.	$27,000
   	b.	$7,125
   	c.	$500
   	d.	$0
   	e.	None of the above.

2 points

QUESTION 42

1. Interest on the home mortgage is deductible

   	a.	if the residence is a principal personal residence
   	b.	if the residence is one other residence in addition to the principal personal residence
   	c.	on up to 750,000 of acquisition indebtedness incurred after 12/15/17 and before 1/1/26
   	d.	not on an equity loan borrowed out of the principal personal residence as long as there is equity
   	e.	All of the above.

2 points

QUESTION 43

1. Given the facts of this example, George would deduct among the taxes

   	a.	state income tax
   	b.	state sales tax
   	c.	real estate tax
   	d.	a. & c.
   	e.	All of the above.

2 points

QUESTION 44

1. The charitable contribution, on these facts, is

   	a.	deductible
   	b.	not deductible
   	c.	only deductible at 50 percent
   	d.	only deductible at 30 percent
   	e.	None of the above.

2 points

QUESTION 45

1. The overall phaseout of itemized deductions

   	a.	was repealed by the TCJA of 2017
   	b.	applies in this example
   	c.	it is impossible to determine from the facts given whether or not the overall phaseout of itemized deductions applies
   	d.	All of the above.
   	e.	None of the above.