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CPA MCQ Standard and Itemized Deduction Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for single taxpayer?

Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for single taxpayer?

Standard and Itemized Deduction

Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for single taxpayer?

A. $1000; 2000
B. $1500; $3000
C. $ 1550; 3100
D. 1600; 3200

Answer: C. $ 1550; 3100

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Standard and Itemized Deduction

Deductible casualty loss for each casualty event =
The maximum amount that can be treated as home equity indebtedness (debt secured by principal or second residence, but not used for purchase, build, or improve home) is the lessor of: $X ($Y MFS) or FMV of the property (home) reduced by the amount of outstanding acquisition indebtedness. What is X and Y?
Interest on up to $X ($Y MFS) of acquisition indebtedness (a loan/mortgage incurred to buy, build, improve a principal and second home) is deductible as qualified residence interest. What is X and Y?
Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for 2 qualified married taxpayer?
Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for 1 qualified married taxpayer?

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Learn More Multiple Choice Question :

The maximum amount that can be treated as home equity indebtedness (debt secured by principal or second residence, but not used for purchase, build, or improve home) is the lessor of: $X ($Y MFS) or FMV of the property (home) reduced by the amount of outstanding acquisition indebtedness. What is X and Y?
Deductible casualty loss for each casualty event =
Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for 2 qualified married taxpayer?
Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for single taxpayer?
Which of the following is the correct amount of additional standard deduction for age 65 or older and/or blindness for 1 qualified married taxpayer?
Interest on up to $X ($Y MFS) of acquisition indebtedness (a loan/mortgage incurred to buy, build, improve a principal and second home) is deductible as qualified residence interest. What is X and Y?

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