Question

Are these items deductible or not deductible?

a. Deductible

b. Not deductible

____state income taxes

____Interest on a 2018 mortgage loan of $750,000

____Real estate taxes

____$67 in credit card interest

____$ 576 interest on a bank loan

____FICA withheld by employer

____federal gasoline tax

____federal excise tax

____loan fee for appraisal

____local income tax

____$500 to family physician (disregard limits)

____$2000 for long term care (disregard limits)

____$400 for eye glasses (disregard limits)

____$300 for maternity clothes

____$50 donation to your public library

____$250 donation to your church or mosque or synagogue

____$200 to a political party

____Personal property tax based on value of your property

____property tax you paid on your parent's property

____real estate taxes paid on your own property

Answer 1

Are these items deductible or not deductible?
a. Deductible
b. Not deductible
____state income taxes	Deductible
____Interest on a 2018 mortgage loan of $750,000	Deductible
____Real estate taxes	Deductible
____$67 in credit card interest	Deductible if credit card is for business use.	Non deductible if credi card is for personal use.
____$ 576 interest on a bank loan	Interest paid on mortgages, student loans and business loans are deductible	personal loans are not tax deductible.
____FICA withheld by employer	Not Deductible
federal gasoline tax	Not Deductible
____federal excise tax	An excise tax is not eductible if it is for a personal expense.	An excise tax is deductible if it is for a business expense.
____loan fee for appraisal	Not Deductible
____local income tax	Deductible
____$500 to family physician (disregard limits)	Deductible
____$2000 for long term care (disregard limits)	Deductible
____$400 for eye glasses (disregard limits)	Prescription glasses are tax deductible
____$300 for maternity clothes	Not Deductible
____$50 donation to your public library	Deductible
____$250 donation to your church or mosque or synagogue	Deductible
____$200 to a political party	not Deductible
____Personal property tax based on value of your property	Deductible
____property tax you paid on your parent's property	not Deductible
____real estate taxes paid on your own property	Deductible