An Expense That Would Be Included in the Deductions of a Taxpayer

question 86

Multiple Choice

An expense that would be included in the deductions of a taxpayer is

• A)travel to work.
• B)life insurance premiums.
• C)union and professional dues.
• D)a driver's license fee.
• E)tuition fees.

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Definitions:

Mortgage

A loan specifically designed for the purchase of real estate, in which the property itself serves as collateral.

Co-signs

Acts of signing a loan or document jointly with another person, thereby agreeing to share the responsibility for the associated obligations.

Credit Application

A form or process by which an individual or company seeks to obtain credit from a lending institution or creditor.

Interest Rate

the percentage charged on a loan or paid on deposits over a specific period of time, reflecting the cost of borrowing or the reward for saving.