Question

Which of the following is not deductible as an itemized deduction?a. State income taxesb. Personal property taxesc. Charitable contributionsd. Local income taxese. All of the above may be deductible as itemized deductions

Answer 1

Answer: IRA

Explanation:

on the test.

Answer 2

Answer:

The correct answer is letter "E": All of the above may be deductible as itemized deductions .

Explanation:

Itemized deductions can be deducted from the Adjusted Gross Income (AGI) as long as they are eligible expenses on products, services or contributions. They allow the taxpayer to pay less in contrast to the regular deduction method. Itemized deductions may include but are not limited to personal taxes, medical expenses, interest, charitable gifts, casualty losses, and state and local taxes.