Questions from General Taxation

Q: What are the six types of personal expenses that can be classified

What are the six types of personal expenses that can be classified as itemized deductions on Schedule A, Form 1040?

Q: Describe the concept of a 7.5% floor for medical

Describe the concept of a 7.5% floor for medical deductions.

Q: Can an individual take a medical deduction for a capital improvement to

Can an individual take a medical deduction for a capital improvement to his or her personal residence? If so, how is it calculated?

Q: What are the four major categories of deductible taxes on individual returns

What are the four major categories of deductible taxes on individual returns?

Q: For a tax to be deductible as an itemized deduction, what

For a tax to be deductible as an itemized deduction, what three tests are required?

Q: If state or local income taxes are deducted as an itemized deduction

If state or local income taxes are deducted as an itemized deduction on the current year’s tax return, what is required if the taxpayer receives a refund in the following year?

Q: When using the IRS sales tax deduction calculator to assist in determining

When using the IRS sales tax deduction calculator to assist in determining a sales tax deduction, what information concerning the taxpayer do you need?

Q: What is investment interest expense? What are the limits to the

What is investment interest expense? What are the limits to the deductibility of investment interest expense?

Q: Donations to what types of organizations are tax deductible?

Donations to what types of organizations are tax deductible?

Q: What happens to a charitable contribution that is in excess of the

What happens to a charitable contribution that is in excess of the AGI limits?