Which of the Following Items Would Be an Itemized Deduction

question 91

Multiple Choice

Which of the following items would be an itemized deduction on Schedule A of Form 1040 not subject to the 2%-of-AGI floor?

• A)Professional dues paid by an accountant (employed by Ford Motor Co.) to the National Association of Accountants.
• B)Gambling losses to the extent of gambling winnings.
• C)Job hunting costs.
• D)Appraisal fee paid to a valuation expert to determine the fair market value of art work donated to a qualified museum.
• E)None of the above.

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Definitions:

Median Earnings

The middle value of income distribution, where half of the population earns more and half earns less.

Labor Market

The supply and demand for labor, where employers seek to hire workers, and individuals offer their work for wages.

Median Earnings

The middle value of earnings in a given demographic, geographical area, or profession, with an equal number of individuals earning more and less than this amount.

Labor Market

A marketplace where employers find workers and workers find jobs, characterized by the supply and demand for labor.