Which of the Following Costs Are Potentially Deductible on Form

question 98

Multiple Choice

Which of the following costs are potentially deductible on Form 1040,Schedule A as taxes for 2016? 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:

First-Mover Advantages

Competitive benefits that accrue to the initial entrant into a market, including brand recognition and product loyalty before competitors enter.

Zero-sum Game

A situation in which one party's gain is exactly balanced by another party's loss, so the net change in wealth or benefit is zero.

Gains

Refers to increases in wealth, income, or resources, often resulting from investment or business operations.

Losses

The negative financial result from an entity's operations, when the total costs exceed total revenues.