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ACC 425 Exam 3 (Ch. 7-9) | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 425 Exam 3 (Ch. 7-9) | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Yolanda has $75,000 in salary and a $7,000 loss from a passive activity. What is her AGI? - $75,000
What can passive losses be used to offset? - Passive income
What is the maximum loss a taxpayer can take for rental properties? - $25,000
Jaime has a salary of $50,000 plus he won $100 in a golf tournament. Throughout the year, Jaime had
gold expenses of $500. What is his AGI? - $50,100
Walter has a salary of $90,000 and owns homes in both West Virginia and Florida. While he lives
primarily in West Virginia he rented his home to a friend for 7 days during 2014. The friend paid Walter
$2,000. What is his AGI? - $90,000
For individuals under the age of 65, what percentage of AGI do their medical expenses need to exceed if
they itemize their deductions? - 10%
Which of the following is not deductible for medical expenses? - All of the above are deductible
Mary has become disabled and pays for a wheelchair ramp to be built into her home. The cost of the
ramp is $7,000 but the ramp increases the value of the home by $3,000. How much can Mary deduct if
she itemizes? - $4,000
What medicine does not have to be prescribed by a doctor in order to be deductible? - Insulin
Which of the following taxes is not deductible for itemized deductions? - Head taxes
What is the maximum student loan interest that is deductible per year? - $2,500
, Which of the following types of interest is not deductible for itemized deductions? - Credit card interest
How many homes can be used for determining mortgage interest on Schedule A? - 2
Tom purchases a home. As part of the process, Tom pays $1,500 in points to get a lower interest rate.
The mortgage is a 15 year mortgage. How much in points can Tom deduct in the current year? - $1,500
Which of the following charitable donations will be denied by the IRS? - Donations made directly to a
homeless friend
Harry is considering a donation of stock to his favorite charitable organization. In his portfolio, he has
Crumbacher Corporation that he originally purchased for $40 per share back in 2004. Today, the stock is
trading at $25 per share. What advice would you give Harry? - Harry should sell the shares first and then
donate the cash to his favorite charity.
Lloyd has an AGI of $50,000. During the past year, Lloyd donates $80,000 in cash to charities. How much
in charitable donations will he carryover to the next year? - $55,000
Sam has an AGI of $70,000. During the year, he had flood damage to his home of $18,000 but his
insurance company reimbursed him $15,000. How much can he deduct (after all limitations) for
itemized deductions? - $0
Which of the following miscellaneous itemized deduction is not limited to amounts that in total exceed
2%? - Gambling losses
In normal situations, how old is a child considered too old for the Dependent Care (Day Care) Credit? -
13 years old
At what age does a child no longer qualify for the Child Tax Credit? - 17 years old
How much is the Child Tax Credit worth for most middle income taxpayers? - $1,000
What tax credit is normally used by graduate students? - Lifetime Learning Credit
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