Tor F 1. For 2018, the amount of the student loan interest deduction is limited to $3,500. Tor F 2. Under a divorce agreement executed in 2018, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. Tor F 3. With a Health Savings Account (HSA), contributions grow tax free and distributions used for to pay for medical expenses are non-taxable. Tor F 4 . The cost of aspirin and over-the-counter cough medicine is a deductible medical expense. Tor F 5. Taxpayers can deduct qualified residence interest on their principal residence and on a second residence selected by the taxpayer if debt is $1,000,000 or less. T or F 6. In order to deduct a charitable contribution, taxpayers must itemize on their return Tor F 7. Fines paid that are ordinary, necessary and reasonable in a trade or business are deductible. T or F 8. The luxury auto limits on depreciation must be reduced if business use is less than 100%. Tor F 9. The standard mileage rate includes parking fees, tolls, and property taxes on the vehicle. T or F 10. Transportation costs are deductible when a taxpayer goes to a business meeting away from his or her regular workplace