HS321: Chpt 9

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0 [{"id":405794,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Medical expense deductions cannot exceed 50 percent of the taxpayer's medical care expenses for the year. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":" A medical expense deduction is allowed for the entire portion of deductible medical expenses (including medical expense insurance) that exceeds the applicable floor of the taxpayer\u2019s adjusted gross income.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405804,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Individual taxpayers may not deduct interest on credit card charges for the purchase of personal items. [5]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405792,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Personal expenses, such as heat, electricity, and water, are deductible. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"Subject to certain limited exceptions, personal expenses are nondeductible. Most expenditures that are normal in the course of maintaining a household are considered nondeductible personal expenses.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405798,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Qualified long-term care insurance premiums are deductible in full as medical expenses regardless of their amounts. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":"Qualified long-term care insurance premiums are eligible for treatment as medical expenses. However, deductibility of these premiums is subject to annual dollar amount limitations based on the covered individual\u2019s age.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405793,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Premium payments on life insurance policies are generally deductible if paid by the policyowner-insured. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":"Premiums paid by the policyowner-insured for personal life insurance are generally not deductible.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405799,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Long-term care insurance cannot be offered through an employer's cafeteria plan. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405791,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"The cost of a capital expenditure is deductible in the year it is incurred. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":"Generally, a capital expenditure must be capitalized rather than expensed. However, any applicable cost recovery deduction may be taken in the year of acquisition.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405796,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"A medical expense deduction is allowed for the cost of a weight-loss program for someone who is diagnosed with obesity. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405800,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Assessments for street, sidewalk, and other improvements levied against a personal residence are deductible as taxes. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":"Taxes assessed for local benefits that tend to increase the value of the property assessed are not deductible. Assessments for streets, sidewalks, and other improvements would fall within this category. These expenses must be treated as capital expenditures that are added to the cost of the property.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405803,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"A taxpayer may not deduct interest payments on loans secured by a personal residence to the extent that the principal amount of such loans exceeds the taxpayer s cost for the home. [5]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":"A combination of \u201cacquisition indebtedness\u201d and \u201chome equity indebtedness\u201d can produce fully deductible interest payments even though the total indebtedness on the taxpayer\u2019s principal residence exceeds the taxpayer\u2019s cost (but not the fair market value) of the residence.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405801,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Any joint owner of property who actually pays a deductible tax on the property may take the deduction for the payment. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405795,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"The cost of prescription drugs may be deducted as a medical expense. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405790,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:16","updated_at":"2018-03-10 03:52:21","questionName":"Capital expenditures include those made in acquiring or improving property that has a useful life of more than 1 year. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405802,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Investment interest in excess of the taxpayer's net investment income can be carried forward and deducted in future years only to the extent of future net investment income. [5]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405797,"quiz_id":"20460","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 03:51:17","updated_at":"2018-03-10 03:52:21","questionName":"Expenses for qualified long-term care services are deductible in generally the same manner as medical expenses. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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Medical expense deductions cannot exceed 50 percent of the taxpayer's medical care expenses for the year. [2]

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