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Cards In This Set
| Front | Back |
|
What are Business Activities?
|
Motivated by Profit, High Level of Effort
FOR AGI |
|
What are Investment activities?
|
Profit, Low level of effort
FROM AGI |
|
Trade/Business
|
FOR AGI
when ordinary and necessary |
|
Rent and Royalty Expenses
|
FOR AGI
|
|
Losses on Disposition of Business Assets
|
FOR AGI
ON SALE: Cap Gain Losses Offset Cap Gains +$3000 The rest CF indefinitely |
|
Expenses from Flow Through Entities
|
FOR AGI
|
|
Moving Expenses
|
FOR AGI
Distance Test (>50 miles) Business Test (>75% of next year or 2x if unempl) trans and lodging, reimbursed, NO MEALS |
|
Health Insurance Premium
|
FOR AGI If self employed and no other option
From AGI if eligible (medical expense) |
|
Self Employment Taxes
|
FOR: 1/2
|
|
Penalty for Early WIthdrawl of Savings
|
FOR AGI
|
|
Alimony Payments
|
FOR AGI
|
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Qualified Retirement Contributions
|
FOR AGI
|
|
Interest Expense on Qualified Education Loans
|
Tuition, fees, books, expenses, room/board
$2500 subject to phase out Mod AGI=AGI before deduct qualifed loan interest and education expense |
|
Qualified Education Expenses
|
Tuition and fees
$4000 subject to cliff elimination Mod AGI = Agi after qualified loan interest but before education expenses |
|
Medical Expenses
|
From AGI 7.5% Floor
If not reimbursed prescription, doctor, travel, lodging ($50/night), meals at hospitals, meals at long term if primarily for medical Cosmetic surgery: if gongenital, trauma etc |
