O Employee contributions to flexible spending accounts O Inherited money or prop

Question

O Employee contributions to flexible spending accounts O Inherited money or property O Withdrawals from state-sponsored Section 529 plans used for education Home ownership can provide significant income tax savings compared to renting a comparable home. This is because a taxpayer's w, tax deductible. The contributions or expenses associated with cannot be paid with pre-tax dollars, and therefore cannot reduce your taxable income Out-of-pocket medical and dental expenses are tax deductible if in excess of 20% of adjusted gross income

Explanation / Answer

Solution :-

Answer 2 :- The correct answer is (D) that is 10% of adjusted Gross Income

Before 1 jan 2013 this limit is 7.5% of AGI but now this is increased to 10%

Answer 1 :-

Taxpayers Self Occupied house are tax deductible

with Such House

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.