T OR F

5. If a taxpayer uses the standard deduction, current year charitable contributions may be carried forward and deducted in future years

6. A taxpayer's home is burglarized and six items of artwork and jewelry are stolen. The taxpayer must reduce his casualty loss deduction by $600 ($100 for each item stolen).

7. Interest paid on home equity debt is not deductible if the proceeds from the debt are used to pay off the taxpayer's credit card debt.

8. Taxpayers with high amounts of AGI must reduce their total itemized deductions in 2015. Assume MFJ and their AGI is $500,000.

9. Points paid by cash basis taxpayers on the purchase of a vacation home (not the primary residence) are deducted over the term of the loan.

10. Medical and dental insurance premiums paid by employees through payroll deductions qualify as deductible medical expenses.