Chapter 6

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Unformatted text preview: Chapter 6 Chapter 6 Deductions and Losses Deductions/Losses For AGI Deductions/Losses Trade or Business Deductions/Losses Ordinary, Necessary, & Reasonable Rule Losses From Sales of Property Subject To Capital Loss Limits of up to $3,000/year Expenses Associated With Rental Property May Deduct Up To $25,000 of May Residential Real Estate Loss Deductions/Losses For AGI ­cont­ Deductions/Losses Alimony Payments Alimony Subject to requirements listed on page 4-22 One-Half of Self-Employment (FICA) Tax One-Half paid by sole proprietors paid 100% of Medical Insurance Premiums for Self-Employed Individual Deductions/Losses For AGI ­cont­ Deductions/Losses Contributions to Retirement Plans Traditional IRA SEP/KEOGH – Profit Sharing Moving Expenses – Cost of Move, & Moving Lodging and Mileage (not meals) Lodging Student Loan Interest (up to $2,500) Student but income limitations exist but Deductions From AGI Deductions Itemized Deductions (Chapter 10) Usually Personal In Nature Include: Medical Costs, Certain Taxes, Include: Charitable Contri...
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