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Sagot :
Answer:
a. Ted paid $30 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.
- Not deductible
Is not a business expense nor it can be itemized.
b. Tyler paid $154 for minor repairs to the fence at a rental house he owned.
- Deductible for AGI
Repairs and maintenance expenses of rental property decrease your AGI.
c. Timmy paid $775 for health insurance premiums this year. Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.
- Not deductible
If Timmy's medical expenses were more than 10% of your AGI, then you can deduct the difference. But I doubt Timmy earns less than $7,750.
d. Tess paid $1,880 of state income taxes on her consulting income.
- Deductible from AGI
If you itemize deductions, you can deduct up to $10,000 in state or local taxes.
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