Income limitations or the standard deduction


In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) neither deductible for nor deductible from AGI before considering income limitations or the standard deduction.

a.

Ted paid $30 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.



  Deductible for AGI $
  Deductible from AGI $
  Not deductible $

b. Tyler paid $154 for minor repairs to the fence at a rental house he owned.


  Deductible for AGI $
  Deductible from AGI $
  Not deductible $

c.

Timmy paid $775 for health insurance premiums this year. Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.



  Deductible for AGI $
  Deductible from AGI $
  Not deductible $

d. Tess paid $1,880 of state income taxes on her consulting income.


  Deductible for AGI $
  Deductible from AGI $
  Not deductible $

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Accounting Basics: Income limitations or the standard deduction
Reference No:- TGS0685817

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