Deductions for AGI

Alex, a single taxpayer, has a salary of $100,000. He incurred & paid the following expenses during the year: Medical expenses $5000 Alimony $24,000 Charitable contribution $2000 Casualty loss (after $100 floor) $1000 Mortgage interest on personal residence $4500 State income taxes $4200 Moving expenses $2500 Contribution to traditional IRA $4000 Sales taxes (no state or local income tax is imposed) $1300 Calculate Alex's deductions FOR AGI.

AGI-non business bad debts

Sammy had the following for last year: Salary $40,000 Short-term Capital gain $3000 nonbusiness bad debt ($10,000) for the current year: salary $45000 nonbusiness bad debt ($1000) collection of last years bad debt $10,000 Calculate her AGI for the current year

Tax treatment for gambling winnings and losses for individuals

Joyce received a Form 1099 for her gambling winnings in the amount of $2100. Joyce is not a professional gambler. a. is the income subject to self employment tax? b. what type of income is it for tax reporting? c. can Joyce deduct any amounts against her gambling income? d. where would expense amounts be reported on a tax return?

Income tax rules regarding hobby losses

Dr. Giles is a dentist who deducted losses for her horse breeding activity for 15 years. In 14 of the 15 years, she sustained a loss for tax reporting purposes. As a result of an audit, she took the IRS to task in Tax Court in 2006. She lost her case because she did not satisfactorily demonstrate the activity was a viable business. What are some of the factors which can be used to convince the IRS that a business has a profit motive and is not a hobby?

Tax Questions about Individual Tax Deductions

53) Chee, single, age 40, had the following income and expenses during the year (not a leap year): Income: Salary ………………………………………………………….. $43,000 Rental of vacation home (rented 60 days, used Personally 60 days, vacant 245 days)…………………………. $4,000 Municipal bond interest ……………………………………….. $2,000 Dividend from General Motors………………………………… $400 Expenses: Interest On home mortgage……………………………………………. $8,400 On vacation home ……………………………………………. $4,758 On loan used to buy municipal bonds………………………… $3,100 Taxes: Property tax on home………………………………………….. $2,200 Property tax on vacation home………………………………... $1,098 State income tax………………………………………………. ... click for more