Which of the Following Costs Are Deductible on Form 1040,Schedule

question 81

Multiple Choice

Which of the following costs are deductible on Form 1040,Schedule A,as taxes? 1.Real estate taxes on property owned in Mexico.
2) Property tax portion of vehicle registration,based on the value of the auto.
3) Fine for speeding.
4) Personal property tax on a pleasure boat.

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

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Definitions:

Inventory

Items that are held by a company for the purpose of selling in the near future or the materials used to produce those goods.

Supplies

Tangible items used in the operation of a business that are not directly associated with the product or service offered.

Physical Inventory

A process where a business physically counts its entire inventory to ensure the accuracy of its records and control its stock levels.