What Itemized Deductions Are Allowed for Both Regular Income Tax

question 98

Essay

What itemized deductions are allowed for both regular income tax purposes and for AMT purposes?

---

Definitions:

Misery Index

An economic indicator created by adding the unemployment rate to the inflation rate, meant to represent the average citizen's economic well-being.

Unemployment Rate

The segment of the labor force that is currently jobless and engaging in job-seeking activities.

Deflation

A decrease in the general price level of goods and services, often indicating a contraction in the amount of money and credit in the economy.

Average Price Level

A general measure of price changes across the economy, indicating the cost of purchasing a typical basket of goods and services.