Fundamentals of Taxation
Quiz 5: Itemized Deductions
Premiums Paid for Long-Term Care Insurance Are Not Deductible as Medical
Premiums paid for long-term care insurance are not deductible as medical expenses.
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In 2015, federal income taxes may not be deducted as an itemized deduction on Schedule A.
Taxes assessed for local benefits, such as a new sidewalk, are deductible as real property taxes.
For purposes of computing the deduction for qualified residence interest, a qualified residence includes the taxpayer's principal residence and one other residence of the taxpayer or spouse.
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