Question
True or False 1. Transportation costs getting to and from medical care providers can be claimed as a deductible medical expense. 2. The amount paid
True or False
1. Transportation costs getting to and from medical care providers can be claimed as a deductible medical expense.
2. The amount paid to a qualified charitable organization for a raffle ticket as part of a fund-raising campaign can be deducted as a charitable contribution.
3. Land that has appreciated in value and is contributed to a qualified charity may be eligible for a charitable contribution deduction equal to its fair market value.
4. Taxpayers may take an itemized deduction for their state income taxes paid during the year.
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.
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