In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from
Question:
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2)
deductible from AGI, and (3) deductible neither for nor from AGI before considering income limitations or the standard deduction.
a. Ted paid $50 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.
b. Tyler paid $85 for minor repairs to the fence at a rental house he owned.
c. Timmy paid $545 for health insurance premiums this year (not through an exchange and not with pretax dollars).
Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.
d. Tess paid $1,150 of state income taxes on her consulting income.
Step by Step Answer:
Taxation Of Individuals And Business Entities 2020
ISBN: 9781259969614
11th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver