Bill, a plant manager, is suffering from a serious ulcer. Bill's doctor recommends that he spend three weeks fishing and hunting in the Colorado Rockies. Can Bill deduct the costs of the trip as a medical expense?
QI:7-9
What is the limit placed on medical expense deductions? When can a deduction be taken for medical care? What if the medical care is prepaid?
QI:7-10
a.
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Which taxes are specifically deductible for federal income tax purposes under Sec. 164?
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b.
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If a tax is not specifically listed in Sec. 164, under what circumstances may it still be deductible?
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QI:7-11
If Susan overpays her state income tax because of excess withholdings, can she deduct the entire amount in the year withheld? When Susan receives a refund from the state how must she treat that refund for tax purposes?
QI:7-14
a.
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Identify the different categories of interest expense an individual may incur. How is the classification of the interest determined?
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b.
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Are these different categories of interest deductible? If so, how?
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QI:7-26
For individuals, what is the overall deduction limitation on charitable contributions? What is the limitation for corporations?
QI:7-28
How are charitable contribution deductions reported on the tax return for individuals? What reporting requirements must be met for the contribution of property?
QI:7-29
List some of the more common miscellaneous itemized deductions and identify any limitations that are imposed on the deductibility of these items.
QI:7-30
Other than the % limitation placed on medical expenses, the 10% reduction for casualty losses on personal property, the 2% reduction applied to certain miscellaneous itemized deductions, and the fact that itemized deductions are only deductible if they exceed the standard deduction, are there any other limitations or reductions applied to itemized deductions for individuals?
PI:7-35
Angela is single and has no dependents. For the year, her salary is $61,000. She pays $500 in medical and dental insurance premiums, which is withheld from her paycheck on an after-tax basis, $3,350 in mortgage interest on her home, and $1,220 in interest on her car loan. Her health insurance provider reimburses her for $9,700 of the medical expenses.
PI:7-50
During 2016, Dean incurs the following deductible expenses: $1,400 in state income taxes, $2,900 in local property taxes, $3,400 in medical expenses, and $2,100 in charitable contributions. Doug is 33, single, has no dependents, and has $48,000 AGI for the year.
PI:7-54
In each of the following independent cases, determine the amount of the charitable contribution and the limitation that would apply. In each case, assume that the donee is a qualified public charity.
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