Examlex
Discuss why presentment of a cheque for certification by the payee discharges liability of the drawer, but presentment of a cheque for certification by its drawer may not.
Itemized Deduction
involves subtracting eligible expenses from one's taxable income, instead of taking the standard deduction. These expenses are listed out or itemized on the tax return.
Schedule A
An IRS form used for itemizing deductions such as medical and dental expenses, taxes paid, interest paid, gifts to charity, and casualty and theft losses.
Qualified Residence
A primary or secondary home that meets certain IRS criteria, allowing for potential mortgage interest deductions.
Deduction
An expense that can be subtracted from gross income to reduce the amount of income subject to income tax.
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