For Couples Who Are Married Filing Jointly and That Itemize

question 32

Short Answer

For couples who are married filing jointly and that itemize, if the amount itemized is over ________, use the itemized figure. If the itemized deductions are less than this amount, then use the standard deduction.

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Definitions:

Estimated Useful Life

The expected timeframe during which an asset is considered to be useful or productive for its intended purpose.

Depreciation Expense

The allocated portion of the cost of a tangible or physical asset that is written off as an expense over its useful life.

Revised Amounts

Adjusted figures in financial statements or budgets to reflect changes from previously reported or estimated numbers.

Straight-Line Method

A method of calculating depreciation for an asset, spreading the cost evenly over its useful life.