Which one of the following is not true of itemized deductions of an individual taxpayer? Deductions for AGI are generally preferable to itemized deductions. Itemized deductions are deductible only if they exceed a taxpayer's standard deduction. Residential interest is a common example of an itemized deduction. All employee trade or business expenses are itemized deductions.
Which one of the following is not true of itemized deductions of an individual taxpayer? Deductions for AGI are generally preferable to itemized deductions. Itemized deductions are deductible only if they exceed a taxpayer's standard deduction. Residential interest is a common example of an itemized deduction. All employee trade or business expenses are itemized deductions.
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 6CPA
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Question
Which one of the following is not true of itemized deductions of an individual taxpayer?
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Deductions for AGI are generally preferable to itemized deductions. |
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Itemized deductions are deductible only if they exceed a taxpayer's standard deduction. |
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Residential interest is a common example of an itemized deduction. |
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All employee trade or business expenses are itemized deductions. |
Expert Solution
Step 1
The third option statement is incorrect, that is, residential interest is a common example of an itemized deduction as it is not considered as itemized deductions of an individual taxpayer.
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