Withdrawals from a Roth IRA after age $\frac{591}{2}$ are tax$-$free, assuming the first Roth contribution was made at least five years earlier.

For purposes of applying the passive loss limitations for rental real estate, active participation requires a greater time commitment by the taxpayer than does material participation.

Expenditures incurred in removing structural barriers in the home of a physically handicapped individual are fully deductible $($subject to any AGI limitation on total medical expenses$).$

Qualified residence interest, which must be acquisition indebtedness and be secured by the taxpayer's personal residence, is deductible as a for AGI deduction $($i$.$e$.,$ above the line$)$ rather than as a from AGI deduction $($i$.$e$.,$ below the line$).$

Assuming that Grace had AGI of $$60,000$ in $2023$ and uses her itemized deductions, if she made cash contributions to public charities of $$40,000$ in $2023,$ then her charitable contribution carryover to $2024$ will be $$10,000.$

Investment interest expense is deductible to the extent of net investment income. The remainder is carried over to the next tax year.

Individuals who actively participate in the management of rental real property may deduct up to $$25,000$ of passive losses against nonpassive income, subject to AGI limitations$.$

Education expenses are not deductible if the education is required to meet minimum educational requirements for a new trade or business.