Which of the Following Costs Are Potentially Deductible on Form

question 12

Multiple Choice

Which of the following costs are potentially deductible on Form 1040,Schedule A as taxes for 2017? 1.Property tax on principal residence.
2) Garbage pickup itemized on the real estate bill.
3) Real estate tax on property owned as an investment.
4) Sales tax paid on the purchase of a personal car.

• A)None of the items.
• B)2 and 4.
• C)1,3,& 4.
• D)All of the items.

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Definitions:

Economic Problem

The issue of limited resources to meet unlimited wants and needs, requiring choices and prioritization.

Centralized Decision Making

A process where decisions are made by a few people or a single authority, rather than being dispersed among many.

Destroy Incentives

To eliminate or significantly reduce the motivations or reasons for individuals or entities to take a particular action or endeavor.

Society's Resources

The total means available to a society, including natural resources, human capital, and manufactured goods, used for production and consumption.