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

question 49

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

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Definitions:

Promissory Estoppel

A legal principle that prevents a person from going back on a promise, even if it was not a formal contract, when the other party has relied on that promise to their detriment.

Legal Detriment

A loss or disadvantage that occurs to one party in a contract, considered a necessary component for a valid contractual agreement.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Seal

A device used to impress or mark documents as a form of authentication or to signify agreement.