Acc 555 Week 11 Final Exam Essay

986 Words Dec 21st, 2015 4 Pages
ACC 555 Week 11 Final Exam

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ACC 555 Week 11 Final Exam
1) For individuals, all deductible expenses must be classified as deductions for AGI or deductions from AGI. 2) In 2013, medical expenses are deductible as a from AGI deduction to the extent that they exceed 7.5 percent of the taxpayer’s AGI. 3) Medical expenses paid on behalf of an individual who could be the taxpayer’s dependent except for the gross income or joint return tests are deductible as itemized deductions. 4) Medical expenses incurred on behalf of children of divorced parents are deductible by the parent who pays the expenses but only if
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12) Expenditures incurred in removing structural barriers in the home of a physically handicapped individual are deductible only to the extent the cost exceeds the increase in fair market value to the property attributable to the capital expenditure. 13) If the principal reason for a taxpayer’s presence in an institution is the need and availability of medical care, the entire cost of lodging and meals is considered qualified medical expenditures. 14) A medical expense is generally deductible only in the year in which the expense is actually paid. 15) If a prepayment is a requirement for the receipt of the medical care, the payment is deductible in the year paid rather than the year in which the care is rendered. 16) If a medical expense reimbursement is received in a year after a deduction has been taken on a previous year’s return, the previous year’s return must be amended to eliminate the reimbursed expense. 17) Assessments or fees imposed for specific privileges or services are not deductible as taxes. 18) Foreign real property taxes and foreign income taxes are not deductible as itemized deductions. 19) A personal property tax based on the weight of the property is deductible. 20) Assessments made against real estate for the purpose of funding local improvements are not deductible in the year paid but rather should be added to the cost basis of the property. 21)

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