For each of the following items, select from the list provided the appropriate t

Question

For each of the following items, select from the list provided the appropriate tax treatment for Beth Page. A choice may be used once, more than once, or not at all. Transaction Answer Choices A) Not deductible on Form 1040 B) Deductible in full on Schedule A- 1. For 2015, Page had a $30,000 cash charitable contribution carryover from her 2014 cash donation to the American Red Cross. Page made no additional charitable contributions in 2014. Itemized Deductions C) Deductible on Schedule A- 2. During 2015, Page had investment interest expense of $1,000. This amount did not exceed her net investment income ltemized Deductions subject to a limitation of 50% of adjusted gross income 3. For 2015, Page paid $1,500 to an unrelated person D) Deductible on Schedule A Itemized Deductions as miscellaneous deduction subject to a threshold of 2% of adjusted gross income to care for her son while she worked 4. In 2015, Page paid $4,000 Interest on the $60,000 acquisition mortgage of her principal residence. The mortgage is secured by Page's home. Page received a Form 1098 listing the interest she paid E) Deductible on Schedule E- Supplemental Income and Loss F) A credit is allowable

Explanation / Answer

1 Answer :- C. Deductible on Schedule A - itemized deductions subject to a limitation of 50% on adjusted gross income.

2 Answer :-F. A credit is allowable

3 Answer :- A. Not deductible on Form 1040

4 Answer :- E. Deductible on Schedule E - Supplemental Income or loss

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