Question 1

Helen pays nursing home expenses of $3,000 per month for her mother.The monthly charge covers the following items: $1,400 for medical care,$900 for lodging,and $700 for food.Under what circumstances can Helen include the $3,000 per month payment when computing her medical expense deduction for the year? If Helen is not allowed to include the entire payment,how much can she include?

Accepted Answer

Helen may include the entire amount paid...

Question 2

Byron owned stock in Blossom Corporation that he donated to a museum (a qualified charitable organization) on June 8 this year.What is the amount of Byron's deduction assuming that he had purchased the stock for $10,500 last year on August 7,and the stock had a fair market value of $13,800 when he made the donation?

Accepted Answer

A)  $3,300
B)  $10,500
C)  $12,150
D)  $13,800
E)  None of theseF) D) and E)
G) A) and D)

Question 3

For all of the current year,Randy (a calendar year taxpayer)allowed the Salvation Army to use a building he owns rent-free.The building normally rents for $24,000 a year.Randy will be allowed a charitable contribution deduction this year of $24,000.

Accepted Answer

A) True 
 B)False

Question 4

Matt,a calendar year taxpayer,pays $11,000 in medical expenses in 2014.He expects $5,000 of these expenses to be reimbursed by an insurance company in 2015.In determining his medical expense deduction for 2014,Matt must reduce his 2014 medical expenses by the amount of the reimbursement he expects in 2015.

Accepted Answer

A) True 
 B)False

Exam 10: Deductions and Losses: Certain Itemized Deductions

For all of the current year,Randy (a calendar year taxpayer)allowed the Salvation Army to use a building he owns rent-free.The building normally rents for $24,000 a year.Randy will be allowed a charitable contribution deduction this year of $24,000.

Correct Answer
verified

Correct Answer
verified
Helen may include the entire amount paid...
View Answer

Correct Answer
verified

Correct Answer
verified

Exam 10: Deductions and Losses: Certain Itemized Deductions

For all of the current year,Randy (a calendar year taxpayer)allowed the Salvation Army to use a building he owns rent-free.The building normally rents for $24,000 a year.Randy will be allowed a charitable contribution deduction this year of $24,000.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedHelen may include the entire amount paid...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Helen may include the entire amount paid...
View Answer

Correct Answer
verified

Correct Answer
verified