Chapter 7 itemized deductions
Chapter 7 Itemized Deductions
Learning Objectives Identify qualified medical expenses and compute the medical expense deduction Determine the timing of a medical expense deduction and the effect of a reimbursement Identify taxes that are deductible as itemized deductions
Learning Objectives • Identify qualified medical expenses and compute the medical expense deduction • Determine the timing of a medical expense deduction and the effect of a reimbursement • Identify taxes that are deductible as itemized deductions
Learning Objectives Identify different types of interest deductions Compute the amount of investment interest deduction Compute the deduction for qualified residence interest
Learning Objectives • Identify different types of interest deductions • Compute the amount of investment interest deduction • Compute the deduction for qualified residence interest
Learning Objectives Compute the amount of a charitable contribution deduction and identify limitations Identify certain miscellaneous itemized deductions subject to the 2% of AGl limitation Compute total itemized deductions for a taxpayer who is subject to the itemized deduction phase-out
Learning Objectives • Compute the amount of a charitable contribution deduction and identify limitations • Identify certain miscellaneous itemized deductions subject to the 2% of AGI limitation • Compute total itemized deductions for a taxpayer who is subject to the itemized deduction phase-out
Medical Expenses Qualified individuals Qualified medical expenses Amount and timing of deduction
Medical Expenses • Qualified individuals • Qualified medical expenses • Amount and timing of deduction