Question 9 of 73.

Roberta is single. She purchased a new main home in March of 2016 for $900,000. Roberta will be itemizing her deductions. On what portion of the acquisition debt will interest be deductible on Roberta's tax return for 2021?

$375,000

$500,000

$750,000

$900,000

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Question 10 of 73.

Choose the response that accurately completes the following sentence. As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020, individuals who elect NOT to itemize may deduct:

Up to $300 ($600 (MFJ) in qualified charitable contributions made to qualified charitable organizations.

Up to $300 ($600 MFJ) in qualified medical expenses.

Up to $300 ($600 MFJ) in unreimbursed employee business expense.

Up to $1,000 ($2,000 MFJ) in qualified charitable contributions made to qualified charitable organizations.

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Question 13 of 73.

Sarika(35) is single. Her 2020 federal itemized deductions totaled $14,400, of which she claimed $1,000 of state income taxes paid in 2020. She filed her tax return on April 10, 2021, and on May 1, 2021, she received a $1,000 state income tax refund. How much of her 2020 state refund is taxable on her 2021 federal return?

$0

$500

$1,000

$2,000

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Question 15 of 73.

Levi brings in four Forms 1098 with mortgage interest for the following properties:

First mortgage on his home: $157,350 balance with interest paid of $6,294.

Equity debt on his home: highest balance for year of $47,000 (all used for home improvements) with interest paid of $1,880.

Mortgage on his vacation home: $99,000 balance with interest of paid of $4,455.

Mortgage on his rental property: $142,300 balance with interest paid of $6,403.

How much is he able to deduct on Schedule A (Form 1040), Itemized Deductions, for interest reported on these forms?

$8,174

$10,749

$12,629

$19,032

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Question 16 of 73.

Hailee donated a car to a qualified charitable organization. She purchased the car in 2005 for $8,000. The fair market value of the car when she donated it was $750. The charitable organization immediately sold the car for $700. What is the amount she can deduct on her tax return?

$500

$700

$750

$8,000

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