Deductible casualty loss for each casualty event =

Deductible casualty loss for each casualty event =

A. change in FMV - $100 - 10% AGI
B. change in FMV - 10% AGI
C. adjusted basis - insurance recovery - $100 - 10% AGI
D. the lessor of adjusted basis or the difference between FMV of property immediately before and FMV immediately after - insurance recovery - $100 - 10% AGI



Answer: D.

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?

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?

A. 100,000; 50,000
B. 50,000; 25,000
C. 200,000; 100,000
D. 400,000; 200,000


Answer: A. 100,000; 50,000

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?

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?

A. 100,000; 50,000
B. 500,000; 250,000
C. 1,000,000; 500,000
D. 750,000; 375,000


Answer: C. 1,000,000; 500,000

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 2 qualified married taxpayer?

A. 900; 1800
B. 1250; 2500
C. 1300; 2600
D. 2500; 5000


Answer: D. 2500; 5000